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Euribor Futures Off Lows But Remain Weaker

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Euribor futures are off intraday lows but remain -1.0 to -3.5 ticks through the blues after core FI drifted lower through the Asia-Pac session.

  • German industrial production printed a touch above consensus but was still negative on an annual basis for the 10th consecutive month.
  • ECB-dated OIS implied rates firmed a touch overnight but remain within recent ranges, with 23bps of cuts priced through the June meeting and 72bps of easing priced through year end.
  • Today’s scheduled ECB speakers include the hawkish-leaning Wunsch and the usually dovish de Cos, the latter of whom we heard from yesterday (with little deviation from the status quo, pointing to a rate cut in June, while providing little colour beyond that meeting).
  • Today’s regional data calendar includes Spanish industrial production and Italian retail sales.


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Euribor futures are off intraday lows but remain -1.0 to -3.5 ticks through the blues after core FI drifted lower through the Asia-Pac session.

  • German industrial production printed a touch above consensus but was still negative on an annual basis for the 10th consecutive month.
  • ECB-dated OIS implied rates firmed a touch overnight but remain within recent ranges, with 23bps of cuts priced through the June meeting and 72bps of easing priced through year end.
  • Today’s scheduled ECB speakers include the hawkish-leaning Wunsch and the usually dovish de Cos, the latter of whom we heard from yesterday (with little deviation from the status quo, pointing to a rate cut in June, while providing little colour beyond that meeting).
  • Today’s regional data calendar includes Spanish industrial production and Italian retail sales.


Keep reading...Show less