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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
The softer than expected German services PMI data has been the real needle mover this morning.
- The print weighed on ECB-dated OIS, flattening the strip.
- The move leaves just over 10bp of tightening priced for next month’s meeting.
- Terminal deposit rate pricing hovers a little above 3.90%, with rates seen peaking in December.
| ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
| Sep-23 | 3.763 | +10.8 |
| Oct-23 | 3.808 | +15.3 |
| Dec-23 | 3.821 | +16.6 |
| Jan-24 | 3.805 | +15.0 |
| Mar-24 | 3.746 | +9.1 |
| Apr-24 | 3.648 | -0.7 |
| Jun-24 | 3.557 | -9.8 |
Source: MNI - Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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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