Free Trial

Continue to move higher post-US data; ECB largely ignored

STIR FUTURES

STIR futures have held on to the gains seen post US data, with the market focusing on a pickup in claims (both continuing and initial) and core PCE missing expectations by a tenth (rather than the 4.9%saar GDP print). The ECB meeting has thrown up little surprises with no changes to policy and no discussion of PEPP, reserve remuneration or rate cuts.

  • The SOFR curve is up to 5.5 ticks higher on the day - with the biggest moves seen in Reds but Blues and Greens also up at least 4 ticks. The first cut is fully priced by July 2023.
  • The Euribor curve had been around flat post-ECB policy decision. However, Reds are now up to 6.5 ticks higher with Greens / Blues up 3.5-5.0 ticks.
  • The SONIA strip sees Reds, Greens and Blue all 4.0-5.5 ticks higher.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.