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Pre-ECB STIR futures update

STIR FUTURES

Ahead of the upcoming ECB policy meeting, we look at how STIR markets have been trading so far today.

  • Euribor futures are generally flat to 2 ticks higher on the day.
  • SONIA futures are down up to 5.5 ticks - reacting to the increased natgas futures price following the fire at the Texas export terminal. This is increasing fears of a longer lasting energy price spike, and hence higher inflation going forward.
  • Eurodollar futures are 2 ticks lower on the day through Whites and Reds before the curve steepens a little after.

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