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Waiting for German inflation and US GDP

STIR FUTURES
  • Outside of a relatively short-lived rally (and relatively small in size relative to recent moves) for both Euribor and Eurodollar futures which followed the release of the softer-than-expected Spanish inflation print this morning, Euribor and Eurodollar futures are only a couple of ticks away from yesterday's close (although there has been some movement lower in Euribor Whites and higher in Blues, so a little bit of a curve shift.
  • SONIA futures are also largely unchanged versus yesterday's close but there has been a little more volatility this morning (with little in the way of major headline triggers).
  • Looking ahead, the release of the national print of German inflation (if it sees a surprise more than a tenth or 2 higher) and US Q1 GDP will be the main triggers for big STIR moves through the rest of the day.

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