Free Trial

Euribor Moves Alongside Core EGBs; Little Impact From Dhingra/EC Data

STIR

The latest move lower in European STIR markets has come alongside new lows in EGB futures, with ECB implied rates having drifted higher through most of this afternoon.

  • ECB-dated OIS contracts price 104bps of rate cuts through 2024, down from 108bps this morning.
  • The Euribor strip is -1.0 to -6.5 ticks through the blues, with back of the reds/front of the greens under the most pressure.
  • There was little meaningful reaction to comments from BoE's Dhingra at this afternoon's MNI event, nor the EC flash consumer confidence reading which was in line with consensus at -15.5 (vs an upwardly revised -15.9 prior).
  • Tomorrow's docket is highlighted by the February flash PMI round, where the usual focus will be on reported inflation dynamics.

Meeting Date ESTR ECB-Dated OIS (%)Difference Vs. Current Effective ESTR Rate (bp)
Mar-243.905-0.6
Apr-243.818-9.3
Jun-243.607-30.4
Jul-243.434-47.8
Sep-243.224-68.8
Oct-243.055-85.6
Dec-242.874-103.7
Jan-252.732-117.9
Source: MNI/Bloomberg

To read the full story

Close

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.