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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
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MNI POLITICAL RISK - Trump Cabinet Hits First Roadblock
Euribor Futures Underpinned By Risk-Off Backdrop, Sep ECB Cut Fully Priced
Euribor futures remain underpinned in the wake of yesterday’s data and continued tech-led equity weakness.
- Contracts 1.0-7.0bp firmer on the day.
- ERZ4 rallies to levels not seen since early April (next resistance at the Mar 25 high - 97.015), while ERZ5 has threatened to break above its March highs.
- ECB-dated OIS also continues to see dovish adjustments on the U.S. data/risk-off combination, with a full 25bp cut priced for September and ~64bp of cuts showing through year end.
- Little in the way of major Eurozone risk events scheduled ahead of the weekend, which should leave focus on U.S. NFPs and wider cross-market moves.
ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
Sep-24 | 3.414 | -25.1 |
Oct-24 | 3.291 | -37.3 |
Dec-24 | 3.017 | -64.8 |
Jan-25 | 2.843 | -82.1 |
Mar-25 | 2.610 | -105.4 |
Apr-25 | 2.488 | -117.6 |
Jun-25 | 2.314 | -135.1 |
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.