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Shift Long-End Received Positions Vs. 6s To €STR

EGBS

Nordea note that “rates have moved sideways during the past week in the run-up to this week’s ECB meeting. A Reuters sources story increases odds of a hike. Signals will be important too.”

  • “A dovish hike could move pricing of the first rate cut closer. The peak will have passed.”
  • “A hawkish hold could still lead to lower pricing of Oct and Dec meetings.”
  • “A hawkish hike would have a significant impact on the curve, lifting this year and ‘24.”
  • “Shift long-end received positions vs. 6s to €STR or pay long-end €STR/6s as a standalone trade. The trade-off between paying spot or forward is that forwards are more deeply into negative territory, but does not provide the same carry positive carry as long spot-starting.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage

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