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MNI: EUROZONE PINCH UPDATE: The implied..............>

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MNI: EUROZONE PINCH UPDATE: The implied probability of an ECB deposit rate hike
by December has increased to 38.8% from 30.5% a week ago, but largely reflects
volatility in EUR OIS rates. ECB President Mario Draghi struck a marginally more
dovish note at the last monetary policy meeting, while this week's PMI survey
data has generally been weak (the Spanish services and composite PMIs notably
surprised higher today). The industrial sector, in particular, is feeling the
heat from a more challenging global backdrop. Markets will be looking to the
March ECB meeting (when staff economic projections will be published) as the
earliest date in which Draghi could provide a substantive update of forward
guidance, and may even indicate plans for a TLTRO extension.
Please see: http://marketnews-m.objects.xtenit.com/MNI_PINCH_Update.pdf

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