STIR: Modest Hawkish Drift After German HICP Tops Expectations
Feb-28 13:11
Modest hawkish pressure for European FI markets as German HICP prints 0.1ppt above expectations in both the M/M & Y/Y readings.
- EUR STIRs had already ticked away from dovish session extremes alongside a similar move in the long end.
- ECB-dated OIS now back to pricing ~85bp of cuts through year-end, little changed on the day and vs. ~89bp seen at one stage this morning.
- Euribor futures unchanged to +2.0.
ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
Mar-25 | 2.419 | -24.7 |
Apr-25 | 2.238 | -42.8 |
Jun-25 | 2.055 | -61.1 |
Jul-25 | 1.988 | -67.8 |
Sep-25 | 1.892 | -77.4 |
Oct-25 | 1.864 | -80.2 |
Dec-25 | 1.814 | -85.2 |
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EUR: EURJPY tests this Week's low
Jan-29 13:05
- The EURJPY is making a second attempt at breaking 161.55, this was Monday's low.
- The Yen remains the best performer in G10 against the EUR and looking at the chart, a clear break through that level would only see the next support at 160.96.
US TSY OPTIONS: Large 10Y Midcurve Call Spread
Jan-29 13:01
- Over +61,000 wk5 10Y 109.5/110 call spds on screen, 7 ref 109-07, expires this Friday. Open interest 43,727 and 23,378 in the two strikes respectively.
US TSY FUTURES: BLOCK: March'25 5Y/10Y Steepener
Jan-29 12:56
Steepener Block posted at 0737:00ET
- +5,000 FVH5 106-18, post-time offer vs.
- -3,000 TYH5 109-04, through 109-04.5 post time bid
