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Lower ahead of big data events


STIR futures are moving lower this morning ahead of the flash Eurozone HICP print, US employment and ISM manufacturing reports which are all due out later today.

  • Eurodollar futures are leading the way lower. Much of the movement since the close was in late US-hours and we actually saw a bit of a move higher for the strip in early European trading but we have since taken another leg lower with most of the strip now down 12-13 ticks. Markets continue to price around 44bp for the May meeting, 125bp by July (3 meetings) and 210bp by year end (6 meetings).
  • The SONIA and Euribor strips are down around 6 ticks, with less of a move for SONIA futures in Whites.
  • Markets price 30bp for the May BOE meeting, 106bp by September (4 meetings) and 141bp by year end (6 meetings). For the ECB, markets are back to pricing in September fully (28bp now priced) with 58bp price by year-end.

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