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Euribor futures moving higher

  • Euribor futures higher is the main event for STIR markets this morning. We have a number of important European data points this morning and as we have noted earlier this morning, our policy team's sources suggest that even the hawkish members of the Governing Council are now not in favour of hikes in 2022. German regional and Italian inflation data this morning alongside final PMI prints will be closely watched to challenge this view.
  • The Eurodollar curve is a bit below yesterday's US close, but now at broadly similar levels to the time of the European close yesterday while the SONIA futures curve is a little lower on the day. There are not really any headline drivers for these moves (other than some better-than-expected Chinese PMI data for which the link seems tenuous at best). It may just reflect the market having a little respite after seeing some decent moves over the past few trading sessions. For the UK and US, the PMI and ISM manufacturing data are the key datapoints to watch.

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