EURIBOR: Mix Of Long Setting and Short Cover Dominated On Thursday
OI data suggests net long setting dominated in the Euribor whites and greens on Thursday, while net short cover was seen in the reds and blues.
- ERZ5 OI has risen ~105k, since the turn of the year, with the contract 17 ticks below Dec 31 settlement levels as of yesterday.
- Yesterday’s ECB December meeting accounts were not market moving, but highlighted familiar concerns around the Eurozone growth outlook and noted that "some" saw a case for a 50bp cut last month.
| 16/01/2025 | 15/01/2025 | Daily OI Change | Daily OI Change In Packs | ||
| ERH5 | 609,247 | 592,442 | +16,805 | Whites | +16,310 |
| ERM5 | 662,770 | 672,217 | -9,447 | Reds | -5,761 |
| ERU5 | 501,598 | 493,445 | +8,153 | Greens | +7,797 |
| ERZ5 | 666,059 | 665,260 | +799 | Blues | -331 |
| ERH6 | 409,364 | 411,158 | -1,794 | ||
| ERM6 | 328,475 | 330,109 | -1,634 | ||
| ERU6 | 269,627 | 272,936 | -3,309 | ||
| ERZ6 | 283,616 | 282,640 | +976 | ||
| ERH7 | 172,715 | 169,101 | +3,614 | ||
| ERM7 | 130,393 | 127,788 | +2,605 | ||
| ERU7 | 101,823 | 103,477 | -1,654 | ||
| ERZ7 | 132,682 | 129,450 | +3,232 | ||
| ERH8 | 54,374 | 54,613 | -239 | ||
| ERM8 | 44,288 | 44,500 | -212 | ||
| ERU8 | 21,743 | 21,791 | -48 | ||
| ERZ8 | 40,489 | 40,321 | +168 |
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UK: BOE: Instant Answer Questions for December meeting
Instant Answer questions for the December 2024 policy decision. Outcome to be posted at midday Thursday.
1. Was the Bank Rate changed, and if so by how much?
2. Number of members voting for 25bp cut?
3. Number of members voting for unchanged rate?
4. Number of members voting for other policy action?
NB: On questions 2-4 we will name the dissenters (and the magnitude of dissent)
5. Did the MPC drop reference to a “gradual approach” to removing “policy restraint being appropriate” from their Statement?
6. Did the MPC say that “the risks from inflation persistence are receding”?
7. Did the MPC again say Bank Rate is likely to “remain restrictive for sufficiently long”?
8. Did the MPC again say it will “decide the appropriate degree of monetary policy restrictiveness at each meeting”?
9. Did the MPC leave its guidance paragraph materially unchanged versus the November policy statement?
MNI: US MBA: MARKET COMPOSITE -0.7% SA THRU DEC 13 WK
- MNI: US MBA: MARKET COMPOSITE -0.7% SA THRU DEC 13 WK
US MBA: REFIS -3% SA; PURCH INDEX +1% SA THRU DEC 13 WK
- US MBA: REFIS -3% SA; PURCH INDEX +1% SA THRU DEC 13 WK
- US MBA: UNADJ PURCHASE INDEX +6% VS YEAR-EARLIER LEVEL
- US MBA: 30-YR CONFORMING MORTGAGE RATE 6.75% VS 6.67% PREV
