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Little Movement In ECB Pricing

STIR

ECB-dated OIS is essentially unchanged today, with the liquid contracts operating within 1bp of Tuesday’s closing levels.

  • 23-24bp of tightening is showing for this month’s meeting, with 41-42bp of tightening showing for the September gathering. Beyond there, terminal deposit rate pricing remains sticky around 4.05.
  • Final Iberian CPI data did little for pricing, generally matching flash estimates (Spanish core M/M was firmer than expected), while participants await U.S. CPI data and ECB speak from Lane & Vujcic later today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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