August 15, 2024 06:31 GMT
Euribor Little Changed, 70bp Of '24 ECB Cuts Priced
STIR
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Euribor futures are 0.5 to 1.5 lower through the blues, with core global FI markets below levels seen during yesterday’s Euribor settlement window.
- Still, contracts are off overnight lows as equity indices tick away from session highs.
- ECB-dated OIS shows ~25bp of cuts for next month’s meeting and ~70bp of cuts through year end, little changed vs. levels seen late yesterday.
- The European calendar is limited today, while the observance of the Assumption Day holiday will likely limit activity in wider EUR markets.
- Broader macro focus will fall on U.S. retail sales and weekly jobless claims data.
| ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
| Sep-24 | 3.413 | -24.9 |
| Oct-24 | 3.257 | -40.5 |
| Dec-24 | 2.963 | -69.9 |
| Jan-25 | 2.772 | -89.1 |
| Mar-25 | 2.544 | -111.8 |
| Apr-25 | 2.421 | -124.2 |
| Jun-25 | 2.264 | -139.8 |
| Jul-25 | 2.195 | -146.8 |
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