Free Trial

Remain Rangebound Following UK/US Events

EGBS

Bunds remain within today's range, seeing a limited reaction to the UK budget/Gilt remit announcement or headlines from the US (re. Powell's semi-annual testimony speech summary, ADP employment change).

  • Bunds are -13 ticks at 133.16, comfortably within well-established technical parameters.
  • Periphery spreads to Bunds are holding at the day's tightest levels, with the 10-year BTP/Bund spread -3.9bps at 135.1bps at typing.
  • ECB-dated OIS continue to price around 94bps of cuts through the remainder of '24, ahead of tomorrow's decision.

Meeting Date ESTR ECB-Dated OIS (%)Difference Vs. Current Effective ESTR Rate (bp)
Mar-243.904-0.7
Apr-243.865-4.6
Jun-243.678-23.3
Jul-243.523-38.8
Sep-243.311-60.1
Oct-243.145-76.6
Dec-242.971-94.0
Jan-252.834-107.7
Source: MNI/Bloomberg
118 words

To read the full story

Close

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.

Bunds remain within today's range, seeing a limited reaction to the UK budget/Gilt remit announcement or headlines from the US (re. Powell's semi-annual testimony speech summary, ADP employment change).

  • Bunds are -13 ticks at 133.16, comfortably within well-established technical parameters.
  • Periphery spreads to Bunds are holding at the day's tightest levels, with the 10-year BTP/Bund spread -3.9bps at 135.1bps at typing.
  • ECB-dated OIS continue to price around 94bps of cuts through the remainder of '24, ahead of tomorrow's decision.

Meeting Date ESTR ECB-Dated OIS (%)Difference Vs. Current Effective ESTR Rate (bp)
Mar-243.904-0.7
Apr-243.865-4.6
Jun-243.678-23.3
Jul-243.523-38.8
Sep-243.311-60.1
Oct-243.145-76.6
Dec-242.971-94.0
Jan-252.834-107.7
Source: MNI/Bloomberg