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

EONIA
EONIA: The front end of the Eonia curve is modestly steeper in early Thursday
morning trade compared to Wednesday's close, taking cue from decent selling seen
in the front end of the Euribor strip. Main focus today will be ECB monetary
policy decision at 1245BST. Consensus is for QE to be extended for 9-months at
E30bln p/m, however risks are seen for a shorter or longer period of purchases
and any amendment to forward guidance. According to MNI PINCH markets only price
in a 31% chance of a 10bp deposit rate hike in Sep 2018. MNI see 1y/1y Eonia
0.6bp higher at -23.3bp & following levels in ECB forward dated Eonia.
* Oct-17 -0.1bp at -0.354%
* Dec-17 +0.1bp at -0.35%
* Jan-18 unch at -0.35%
* Mar-18 0bp at -0.347%
* Apr-18 +0.2bp at -0.35%
* Jun-18 +0.3bp at -0.347%
* Jul-18 +0.3bp at -0.345%
* Sep-18 +0.4bp at -0.33%

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