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Euribor Strip Slightly Softer But Outperforming SONIA

STIR

The Euribor strip sits slightly softer vs yesterday's settlement levels, seeing a more muted move lower vs SONIA counterparts. Whites are flat to -2.0 ticks lower while Blues are -1.5 to -2.5 ticks lower.

  • The move off yesterday's best levels tracked the downtick in global core FI, while the weak BoJ Rinban operation and cabinet approval of an Israel/Hamas hostage deal overnight may be providing pressure at the margin.
  • There was some two-way flow late Tuesday surrounding German fiscal headlines r.e. the 2024 debt brake, while comments from Lagarde and Schnabel yesterday did not offer much new to the policy debate.
  • ECB-dated OIS contracts are a touch firmer on the day following the above, but continue to more than price the first full cut by the June 2024 meeting and over 90bps of cuts by December 2024.
  • Today's local docket is light, with ECB's Centeno (presenting Portugal's Financial Stability Report) and Nagel (panel at Osservatorio Permanente Giovani-Editori) not expected to be market movers. Flash consumer confidence at 1500GMT provides the data highlight.
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