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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessEuribor Strip Firms Alongside Global Core FI; ECB Cut Pricing Deepens
The Euribor strip is +0.5 to +5.0 through the Blues compared to yesterday's settlement levels, as global core FI has firmed post-US CPI.
- Factors contributing to global core FI bid have been detailed elsewhere. There has been a pullback from best levels in that move in recent trade, which has seen Euribor tick away from best levels.
- ECB-dated OIS contracts price 145bps of rate cuts through 2024 vs. ~141bp at yesterday’s close.
- Today's Eurozone data docket is light, with final HICP prints from France (which was in line with the flash) and Spain (also in line) already crossing.
- ECB's Lane speaks at a conference on "Post-Pandemic Economic Governance and Next Generation EU" at 1230 GMT / 1330 CET.
- US PPI data will be eyed, with focus on its implications for the US PCE reading.
Meeting Date | ESTR ECB-Dated OIS (%) | Difference Vs. Current Effective ESTR Rate (bp) |
Jan-24 | 3.903 | -0.24 |
Mar-24 | 3.821 | -8.4 |
Apr-24 | 3.625 | -28.0 |
Jun-24 | 3.322 | -58.3 |
Jul-24 | 3.057 | -84.8 |
Sep-24 | 2.817 | -108.8 |
Oct-24 | 2.627 | -127.8 |
Dec-24 | 2.451 | -145.4 |
To read the full story
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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.