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Strip Shows Light Twist Steepening

STIR

The Euribor futures strip shows light twist steepening vs yesterday's close, but sits flat to 2.5 ticks firmer through the Blues vs Monday's close.

  • Contracts sit flat to 0.5 ticks stronger in the Whites/Reds and -1.5 to -2.0 ticks softer in the Blues, pivoting on the M5 - Z5 contracts at typing.
  • Overnight ECB speak from Nagel, Kazaks and Lane did not add much new to the policy debate, with the general theme one of caution and distancing from rate cut intentions.
  • Today's European docket features the latest ECB Consumer Inflation Expectations Survey and Eurozone Retail sales, alongside a raft of ECB-speak from Kazaks, Lane, Wunsch, Makhlouf, Nagel, De Cos and Vujcic.

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