USDCAD TECHS: Remains Above Last Week’s Low

Gilt Opening calls, 93.24/93.29.

Estox 50: +0.33%, Dax: +0.24%, CAC: +0.10%, FTSE +0.18%, SMI +0.20%.

U.S. tariff headlines dominated over the weekend, providing some modest dovish readthrough for GBP STIRs this morning.

• Elsewhere, January’s KPMG/REC Report on Jobs provided another downbeat assessment of the UK labour market.
• BoE-dated OIS little changed to ~3bp more dovish across ’25 contracts, showing 6bp of cuts for March, 26bp through May and 59.5bp through year-end.
• Goldman Sachs believe that “the Bank’s “gradual and careful” approach to cuts suggests a March cut is unlikely, although there is likely asymmetry to June pricing given potential downside growth risks both from domestic data and from the imposition of global tariffs (although it’s likely the UK will be largely spared from country-specific tariffs).”
• SONIA futures +0.5 to -1.0.
• Little of note on the UK calendar today, with comments from BoE Governor Bailey & MPC member Mann (after her dovish pivot) eyed on Tuesday.