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Euribor Off Post-JOLTS Bests; ECB Cut Pricing Holds

STIR

The Euribor strip followed US counterparts in firming after the lower-than-expected US JOLTS data, but has since pulled back around 2 ticks from levels seen post data.

  • The strip sits flat to 9.0 ticks firmer through the Blues vs yesterday's settlement levels.
  • ECB-dated OIS contracts remain at dovish extremes, pricing 145bps of cuts by the December 2024 meeting.
  • Comments from ECB's Vujcic have not added much new to the policy debate, re-iterating that the ECB have probably finished hiking but are not likely to cut rates in the short-term.
  • Tomorrow's docket is light, with October EZ retail sales highlighting.

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