Free Trial

Euribor Strip Softer Alongside Global Core FI

STIR

The Euribor strip is -1.0 to -5.0 ticks lower through the Blues, with Reds/Greens under the most pressure.

  • The negative lead comes from wider core FI markets, which have drifted away from yesterday's highs seen around the European cash close. Headline flow was limited overnight, while a weak German industrial production print this morning did not provide much support.
  • ECB-dated OIS contracts continue to price around 144bps of rate cuts through 2024.
  • Today's Eurozone data docket is light, highlighted by Eurozone labour market data, while comments from BdF's Villeroy are scheduled for 1730GMT/1830CET.
Meeting Date ESTR ECB-Dated OIS (%)Difference Vs. Current Effective ESTR Rate (bp)
Jan-243.898-0.60
Mar-243.797-10.7
Apr-243.590-31.4
Jun-243.306-59.8
Jul-243.058-84.7
Sep-242.833-107.1
Oct-242.645-125.9
Dec-242.463-144.1

To read the full story

Close

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.