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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.
STIR
ECB-dated OIS markets now price the first full ECB cut by the April 2024 meeting for the first time, as French (and earlier, Dutch) inflation surprised to the downside, strengthening expectations that the Eurozone-wide figure released this morning will come in on the soft side.
- The June '24 meeting now prices 45bps of cuts, while 113bps of cuts are priced through 2024 (up from just over 80bps at the start of this week).
- The Euribor strip also sees a renewed firming after the French data. Contracts are last seen flat to +2.5 ticks firmer, with Reds outperforming.
- The market is now looking for a weaker inflation number than the Bloomberg consensus, but the 1000GMT release of the EZ (and Italian) figures will still be closely watched.
- Markets will also look to Eurozone unemployment at 1000GMT and ECB-speak from Panetta, Lagarde (at the ECB Banking Supervision Forum) and Nagel.
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.
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