MNI BRIEF: BOJ: H’hold 5-Yr Inflation At 5% On Higher Prices

MNI BRIEF: China Steel Export Growth Slows In June

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1315 Fri; -1.12% Y/Y

Services Still Sticky As Spain HICP Revised A Tenth Higher

MNI: SPAIN JUN HICP +0.4% M/M, +3.6% Y/Y

MNI: FRANCE JUN HICP +0.2% M/M, +2.5% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Fundamentals Outweigh Source Reports When It Comes to ECB Pricing

STIR

ECB-dated OIS eases a touch today, running little changed to ~6bp lower across the liquid part of the strip.

  • The softer than expected Italian CPI data (which has biased some Eurozone CPI forecasts lower) and the lack of meaningful liquidity strains seen in the latest ECB operations around the sizeable TLTRO repayment are outweighing any feedthrough this morning’s hawkish BBG ECB sources which looked at preliminary ideas from some of the more hawkish voices re: a swifter route for balance sheet reduction surrounding APP & PEPP holdings (see earlier bullets for more on that).
  • ECB speakers from Sintra have generally stuck to their previously outlined views, with eyes on this afternoon’s 4-way panel between Messrs Powell, Lagarde, Bailey & Ueda.
  • ~23bp of tightening is priced for next month’s ECB meeting, with a further ~25bp of cumulative tightening showing through year-end, leaving terminal pricing just below the 4.00% mark in deposit rate terms.
ECB Meeting€STR ECB-Dated OIS (%)Difference Vs. Current Effective €STR Rate (bp)
Jul-233.629+23.2
Sep-233.788+39.1
Oct-233.848+45.1
Dec-233.874+47.7
Jan-243.847+45.0
Mar-243.800+40.3
Apr-243.727+33.0
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageEuropean Central Bank (ECB) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageEuropean Central Bank (ECB) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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.