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Euribor Strip Firmer Following Dovish BoJ Rhetoric

STIR

The Euribor strip is 0.5-4.5 ticks firmer through the blues, benefitting from the bid in JGBs after today's BoJ decision. That event saw a lack of commitment re: exit plans from BoJ NIRP.

  • Contracts have recovered from yesterday's weakest levels as a result, also aided by crude oil futures moving back from yesterday’s highs.
  • ECB-dated OIS contracts remain off dovish extremes seen last week, currently showing 154bps of rate cuts through 2024.
  • Banque de France Governor Villeroy has provided commentary alongside updated domestic forecasts for inflation and GDP. He noted that while rates should be cut in 2024, this should only come after a "plateau" at current levels. The reference to a plateau may be inferred as slightly less dovish vs. his recent remarks.
  • Today's data docket is highlighted by the final reading of Eurozone November HICP, while Simkus, Kazimir and Vujcic are scheduled to speak.
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