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Some steepening interest

EURIBOR
  • There's been some small steepening interest in the front Euribor, buying the Sep/Dec spread.
  • So far this has traded 19.4k outright, but more have likely been done on legs.
  • Similar interest in the ERZ2/ERH3, with 24k spread traded outright.
  • ERU2/ERZ2 rallied to 66.5 on the French PMI, and drifted back to 61 post German and EU PMIs.
  • Despite, trading off the session high, the spread has gained throughout the month of August, as investors price more aggressive hikes from the ECB.

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