Hawkish comments from Fed's Waller and BoE's Haskel have weighed on Euribor futures, though a weak German retail sales release provided some counter.
- Contracts are flat to -4.5 through the blues.
- ECB-dated OIS contracts remain within recent ranges, with 90bps of cuts priced through the remainder of '24 and 24bps priced through the June meeting.
- ECB's Panetta (0900GMT/1000CET) and Villeroy (1730GMT) are scheduled to speak today, with major deviations from the status quo (i.e. June being the likely start date of the cutting cycle) unlikely.
- A reminder that the next ECB decision comes on April 11.
- German labour market statistics headline the regional data calendar during the remainder of today.
| Meeting Date | ESTR ECB-Dated OIS (%) | Difference Vs. Current Effective ESTR Rate (bp) |
| Apr-24 | 3.888 | -1.8 |
| Jun-24 | 3.669 | -23.7 |
| Jul-24 | 3.516 | -39.0 |
| Sep-24 | 3.320 | -58.6 |
| Oct-24 | 3.180 | -72.6 |
| Dec-24 | 3.006 | -90.0 |
| Jan-25 | 2.883 | -102.3 |
| Mar-25 | 2.740 | -116.6 |
| Source: MNI/Bloomberg |
