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SONIA and Euribor futures open higher; SOFR off overnight highs

STIR FUTURES
  • SONIA and Euribor futures up to 4/3 ticks higher respectively following yesterday's FOMC meeting - with the biggest moves in the Reds. This adds to the flattening seen in the curves yesterday so we now see SONIA Reds up to 10 ticks higher than Tuesday's close with Euribor Reds futures up to 12.5 ticks higher.
  • SOFR futures on the other hand hit a peak between 23:00-1:00GMT and have been retracing over the past 7 hour so hours. The Dec-24 contract is now around 7 ticks lower than yesterday's peak (around 1 ticks from yesterday's "official" close. The Dec-25 contract is down 5 ticks from the peak and up 17 ticks from Tuesday's close.

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