Free Trial

Euribor off lows; next German regional CPI and BOE's Broadbent key


Euribor futures have moved off their post-Spain inflation surprise lows, with Reds now down 7.5 ticks on the day, up around 4 ticks from the lows. However, there was no notable reaction in SONIA or Eurodollar futures, both of which remain a little higher on the day.

  • Markets continue to fully price a 25bp ECB hike by September (31bp now priced) but October is also now moving closer to being fully priced with a cumulative 48bp priced. 65bp is now priced by year-end. The next round of German regional CPIs will be key.
  • Broadbent's speech in a few minutes will be closely watched by SONIA markets this morning for any clues on the MPC's outlook. Markets currently price 32bp for the May meeting, 58bp by June, 106bp by September (4 meetings) and 134bp by year-end (6 meetings).

To read the full story



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.