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Generally moving higher

STIR FUTURES
  • Euribor futures are leading the way higher this morning with Whites 2-6.5 ticks higher on the day, to leave the two front-date contracts (Sep-22 and Dec-22) as the only to be lower than Wednesday's close despite yesterday's larger-than-expected 50bp ECB hike. The Dec-22 contract is 4.5 ticks lower on the day. The rest of the strips is 4.5-7.0 ticks higher on the day (or 5.0-9.5 ticks higher since Wednesday's close). PMI data will be the key today.
  • SONIA futures are also higher this morning with UK retail sales beating expectations, but only due to very strong food sales related to the Jubilee - something that is likely to be reversed in the July print. The strip is 1.5-4.5 ticks higher on the day and 2.5-10.0 ticks higher since Wednesday's close.
  • Eurodollar futures by contrast have moved up to 2.5 ticks lower in the Whites and Reds, reversing some of the move higher seen yesterday following the poor Philly Fed data. Greens and Blues are flat to 3.5 ticks higher on the day. This means since Wednesday's close that Reds, Greens and Blues are all up 16-21 ticks.

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  • Euribor futures are leading the way higher this morning with Whites 2-6.5 ticks higher on the day, to leave the two front-date contracts (Sep-22 and Dec-22) as the only to be lower than Wednesday's close despite yesterday's larger-than-expected 50bp ECB hike. The Dec-22 contract is 4.5 ticks lower on the day. The rest of the strips is 4.5-7.0 ticks higher on the day (or 5.0-9.5 ticks higher since Wednesday's close). PMI data will be the key today.
  • SONIA futures are also higher this morning with UK retail sales beating expectations, but only due to very strong food sales related to the Jubilee - something that is likely to be reversed in the July print. The strip is 1.5-4.5 ticks higher on the day and 2.5-10.0 ticks higher since Wednesday's close.
  • Eurodollar futures by contrast have moved up to 2.5 ticks lower in the Whites and Reds, reversing some of the move higher seen yesterday following the poor Philly Fed data. Greens and Blues are flat to 3.5 ticks higher on the day. This means since Wednesday's close that Reds, Greens and Blues are all up 16-21 ticks.