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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessNFPs & ECB's Nagel Help Remove Some ECB Rate Cut Pricing
Euribor futures and ECB-dated OIS have extended on their early moves, aided by the U.S. NFP release and predictably hawkish comments from ECB Governing Council member Nagel (he noted that it is too soon for rate cuts and suggested that a soft economic landing for the Eurozone is possible).
- That leaves Euribor futures running 6.0-18.0bp lower through the blues, with the late whites under the most pressure.
- ECB-dated OIS runs 2.0-14.5bp firmer on the day, with 17bp of easing now pred through April & 131bp of cuts seen for ’24 on the whole.
ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
Mar-24 | 3.874 | -3.1 |
Apr-24 | 3.734 | -17.1 |
Jun-24 | 3.480 | -42.5 |
Jul-24 | 3.246 | -65.9 |
Sep-24 | 2.993 | -91.2 |
Oct-24 | 2.796 | -110.9 |
Dec-24 | 2.595 | -131.0 |
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.