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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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Free AccessECB Pricing a Little Less Dovish Post-NFPs, Swift Cutting Cycle Still Seen
The degree of easing priced into ECB-dated OIS moderates in the wake of the U.S. NFP print, but sits a little back from post-data extremes.
- That leaves ECB-dated contracts covering ’24 decisions running flat to 8bp firmer on the day
- The first 25bp cut is more than fully priced come the end of the Apr '23 ECB decision, with ~136bp of cuts currently showing through '24 on the whole.
ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
Dec-23 | 3.905 | +0.2 |
Jan-24 | 3.888 | -1.5 |
Mar-24 | 3.739 | -16.4 |
Apr-23 | 3.532 | -37.1 |
Jun-24 | 3.266 | -63.7 |
Jul-24 | 3.055 | -84.8 |
Sep-24 | 2.855 | -104.8 |
Oct-24 | 2.694 | -120.9 |
Dec-24 | 2.540 | -136.3 |
To read the full story
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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.