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NRW state CPI pushes Euribor/Eurodollar futures a little higher

STIR FUTURES
  • STIR futures are mildly higher this morning with both Euribor and Eurodollar futures up to 3.5 ticks higher on the day with the moves triggered by the release of NRW CPI data this morning (with the M/M print a tenth lower than would be expected for the national print).
  • However, relative to Friday's close, the Euribor strip is still down double digits (16.5 ticks lower for the Mar-23 contract) while the Eurodollar strip has seen Whites and Reds up to 4 ticks lower than Friday's close.
  • SONIA futures are playing catch up after yesterday's UK bank holiday with the majority of the strip around 9-11 ticks lower on the open

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