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Less priced in after ECB announcement

ECB
  • Euribor strip rallying on the statement - not as hawkish as some had been looking for.
  • Whites up 6.0-8.5 ticks, Red up 7.5-11.0 ticks, and Greens/Blues both up 7-8 ticks.
  • Early read off the OIS curve - 31bp now priced for September (down from 38bp prior), 38bp for Oct (from 49bp) and 64bp for Dec (from 71bp)

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