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Higher since around 19:15BST

STIR
  • There has been a decent uptick in STIR markets since yesterday's European close. However, the majority of the move in SOFR futures occurred between 19:15BST and 20:45BST yesterday (after the official NY close). There was no real headline driver and it appeared to be a retracement of a move lower earlier in the day. However, curiously there was a very close correlation between the move in SOFR futures and USDJPY.
  • This morning Euribor and SONIA futures have played catch up with the move in early trading with the Corriere story also pushing Euribor futures higher in early trading while the weak UK retail sales print added to the higher impetus for SONIA futures on the open.

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