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EUR 5y5y Swaps Tick Further Away From Multi-Month Lows As Oil Bounce Extends

EGBS

An uptick in TTF natural gas futures and a continuation of the bounce from late Thursday lows in crude oil futures allows EUR 5y5y inflation linked swaps to extend their move from the multi-month lows of 2.388% seen early on Friday.

  • That will also help keep any rallies in core European paper in check.
  • The measure traded as high as 2.415% today, before easing back to trade close to 2.40% at typing.
  • That is still comfortably above the ECB’s 2% inflation goal, but some way shy of the current year-to-date peak of 2.6696%.
  • The ECB’s tightening cycle, questions surrounding Eurozone consumer demand/the economy on the whole, spill over surrounding perceptions re: U.S. inflation and a pullback in crude oil futures have all factored into the move away from the ’23 peak.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage

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