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Comments From ECB’s Dovish Wing Does Little for Pricing, But Won’t Harm U.S.-Driven Move Lower

STIR

ECB-dated OIS continues to price a little over 23bp of tightening for this month’s meeting, despite this morning’s dovish utterances from familiar faces (Visco & Stournaras), while the continued updates to final national CPI prints from across the region, musings on the matter from various national & EU officials and softer than expected Eurozone industrial production releases did little for the space.

  • The general direction of travel for core global FI & STIR markets has allowed ECB-dated OIS to show below 4.00% when it comes to terminal deposit rate pricing, with the liquid contracts running little changed to 5bp lower on the day.
  • The accounts covering the latest ECB monetary policy meeting had no tangible impact.
  • The regional docket is fairly limited for the remainder of the week, which will leave broader headline flow and cross-market gyrations at the fore.
ECB Meeting€STR ECB-Dated OIS (%)Difference Vs. Current Effective €STR Rate (bp)
Jul-233.638+23.4
Sep-233.799+39.5
Oct-233.860+45.6
Dec-233.891+48.7
Jan-243.879+47.5
Mar-243.846+44.2
Apr-243.782+37.8
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageEuropean Central Bank (ECB) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageEuropean Central Bank (ECB) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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