April 25, 2024 06:36 GMT
Little Movement In EUR STIRs, A Touch Over 70bp Of '24 Cuts Priced
STIR
HomepageEuropean Central Bank (ECB) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Euribor futures hold onto yesterday’s losses, flat to -2.5 through the blues.
- ECB-dated OIS trades in a similar manner, last showing ~21bp of cuts through the June meeting and ~72bp of cuts through year end, in line with levels that we flagged late yesterday.
- ECB-speak from Schnabel, Vujcic, Lagarde, Nagel & Panetta is due today. Don’t expect a meaningful change in tone, with the GC already guiding heavily towards a June cut.
- Divisions remain apparent when it comes to views beyond the June meeting, with many not willing to pre-commit to a prescribed easing path as they underscore the need for data dependence.
- Thursday’s European data calendar doesn’t contain any major releases.
ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
Jun-24 | 3.699 | -21.2 |
Jul-24 | 3.594 | -31.7 |
Sep-24 | 3.422 | -48.9 |
Oct-24 | 3.333 | -57.8 |
Dec-24 | 3.196 | -71.6 |
139 words