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SONIA and Euribor follow Eurodollar futures lower following US CPI

STIR FUTURES

STIR futures globally being dragged lower by another beat for US CPI.

  • SONIA futures through to the Dec-22 contract are not on their lows of the day, however, having drifted since opening lower after last night's Bailey speech and this morning's UK monthly GDP data. However, further out we have moved to new lows (although the curve still inverts after the Mar-23 contract. Reds are now up to 11.5 ticks lower on the day.
  • In contrast, the entirety of the Euribor curve hit its low of the day in the aftermath of the US data, with the Jun-23 contract the biggest mover, down 12 ticks on the day at writing.

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