The front end of the Eonia curve is...........>

EONIA: The front end of the Eonia curve is modestly steeper in early Thursday

morning trading compared to Wednesday's close as markets look ahead to key ECB

decision and press conference later and react to Trumps agreement to a 3-month

debt ceiling extension. ECB is widely expected to leave policy and forward

guidance on hold, but seen giving hints of changes to come in its QE programme.

MNI PINCH calculates no chance of the ECB raising rates for the next 12-months,

and only rising to 40% of a 10bp deposit rate hike in Dec 2018. MNI see 1y/1y

Eonia 1bp higher at -27.5bp & following levels in ECB forward dated Eonia.

- Sep-17 unchanged at -0.354%

- Oct-17 0.1bp higher at -0.353%

- Dec-17 0.4bp higher at -0.352%

- Jan-18 0.2bp higher at -0.355%

- Mar-18 0.2bp higher at -0.355%

- Apr-18 0.4bp higher at -0.353%

- Jun-18 0.3bp higher at -0.348%

- Jul-18 0.4bp higher at -0.346%