RUSSIA: Services PMI Expands to 54.6, Highest Since Jan 2024
Feb-05 08:25
* S&P Global's services PMI for Russia rose to 54.6 in January from 51.2 in December. That marks t...
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CROSS ASSET: EUR extends gains post Spanish PMIs
Jan-06 08:21
- A good beat from Spain, but no real impact in Bund, with desks likely more focussed on the German CPIs.
- The EURUSD has extended higher, but the initial push higher was more a function of the Dollar, as its tests broader lows against the GBP, CZK, PLN, MXN, SGD, CHF, ZAR, SEK and NOK.
MNI: SPAIN DEC SRVCS PMI 57.3 (FCAST 54.1); NOV 53.1
Jan-06 08:15
- MNI: SPAIN DEC SRVCS PMI 57.3 (FCAST 54.1); NOV 53.1
STIR: A Little Over 100bp Of ECB Cuts Priced For '25
Jan-06 08:13
Weakness in the long end has triggered hawkish repricing in EUR STIRs during early ’25, leaving ~103bp of easing priced through Dec vs. ~105bp late Friday and 115-120bp seen ahead of the Christmas break.
- Euribor futures 2.0 to 4.0 lower.
- ERZ5 ~10 ticks off its early November low.
- Services PMI data (final for Germany, France & the Eurozone) is due today, as is the flash German CPI data.
- Preliminary Eurozone CPI data is due tomorrow. The BBG survey median looks for +2.4% Y/Y for the headline CPI release vs. +2.2% in Nov.
- Our full preview of that release can be found here.
ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
Jan-25 | 2.654 | -26.5 |
Mar-25 | 2.375 | -54.4 |
Apr-25 | 2.178 | -74.1 |
Jun-25 | 2.046 | -87.3 |
Jul-25 | 1.999 | -92.0 |
Sep-25 | 1.936 | -98.3 |
Oct-25 | 1.905 | -101.4 |
Dec-25 | 1.888 | -103.1 |
