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ECB Pricing Softens In Wake Of German Services PMI

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-233.763+10.8
Oct-233.808+15.3
Dec-233.821+16.6
Jan-243.805+15.0
Mar-243.746+9.1
Apr-243.648-0.7
Jun-243.557-9.8

Source: MNI - Market News/Bloomberg

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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