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.
ECB-dated OIS softens further during President Lagarde’s press conference on the lack of commitment to implementing another hike in September, alongside the underscoring of the Bank’s data-dependent stance, which was punctuated by the verse stating: “Do we have more ground to cover? At this point in time I would not say so. The assessment of data will tell us whether and how much ground we have to cover in September and at subsequent meetings. It may vary from one month to another.” Dovish flows look to the wording in that quote re: the lack of ground to cover at present, while discounting the more caveated/data-dependent language at the back end of the comment. That leaves both September & terminal rate pricing at the softest levels seen since the time before the ECB’s June meeting.
| ECB Meeting | €STR ECB-Dated OIS (%) | €STR ECB-Dated OIS Pre-ECB Press Conference (%) | €STR ECB-Dated OIS Pre-ECB Decision (%) |
| Jul-23 | 3.654 | 3.6539 | 3.6539 |
| Sep-23 | 3.758 | 3.7754 | 3.78 |
| Oct-23 | 3.810 | 3.826 | 3.835 |
| Dec-23 | 3.825 | 3.8413 | 3.859 |
| Jan-24 | 3.800 | 3.8183 | 3.84 |
| Mar-24 | 3.754 | 3.7697 | 3.7984 |
| Apr-24 | 3.683 | 3.697 | 3.734 |
Source: MNI - Market News/Bloomberg
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.