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STIR: Euribor Futures Softer Following Weak US Auctions, Firm AU CPI

STIR

Euribor futures are flat to -5.5 ticks through the blues, with weak US Tsy auctions and firmer-than-expected Australian CPI weighing since yesterday’s settlement.

  • ECB-dated OIS implied rates have subsequently moved higher, now showing 59bps of rate cuts through the remainder of ’24 (vs 61bps at yesterday’s close).
  • German flash May CPI headlines today’s regional calendar, with the European wide inflation figure due on Friday. Our full preview of the latter release is here.
  • Confidence data from France and Italy, retail sales, and an appearance from ECB’s Villeroy are also scheduled.
  • A reminder that Monday saw Villeroy suggest that the ECB should not “rule out” a second rate cut in July in a bid to maintain maximum optionality.
  • Those comments came at the same time as dovish remarks from ECB chief economist Lane, spurring a dovish market reaction.
     
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