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Euribor Futures A touch Lower On The Day, As Flash PMIs & BoE Speak Feed In

STIR
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Little to report since the flash PMIs when it comes to meaningful Eurozone drivers, with modest hawkish spill over from BoE communique noted in more recent EUR STIR trade.

  • Still, Euribor futures stick to contained ranges last trading flat to -2.0.
  • ECB-dated OIS sees a modest hawkish move on the day, with ’24 meeting contracts moving in a similar manner to Euribor futures, last showing ~76bp of cuts through year end.
  • Familiar levels remain intact, with nothing seen that will meaningfully alter ECB-related discussions.
ECB Meeting€STR ECB-Dated OIS (%)Difference Vs. Current Effective €STR Rate (bp)
Jun-243.694-21.6
Jul-243.579-33.1
Sep-243.400-51.1
Oct-243.299-61.1
Dec-243.148-76.2
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Little to report since the flash PMIs when it comes to meaningful Eurozone drivers, with modest hawkish spill over from BoE communique noted in more recent EUR STIR trade.

  • Still, Euribor futures stick to contained ranges last trading flat to -2.0.
  • ECB-dated OIS sees a modest hawkish move on the day, with ’24 meeting contracts moving in a similar manner to Euribor futures, last showing ~76bp of cuts through year end.
  • Familiar levels remain intact, with nothing seen that will meaningfully alter ECB-related discussions.
ECB Meeting€STR ECB-Dated OIS (%)Difference Vs. Current Effective €STR Rate (bp)
Jun-243.694-21.6
Jul-243.579-33.1
Sep-243.400-51.1
Oct-243.299-61.1
Dec-243.148-76.2