Euribor futures markets maintain a defensive posture ahead of critical Eurozone employment figures. June 2024 continues to trade tight at 3.37%, reflecting minimal rate change expectations in the near term despite political noise. In Hayes’ case, a U.K. court found he manipulated a key interest rate used by banks as a benchmark that set costs for hundreds of millions of dollars of loans and mortgages worldwide. The “manipulation” was that Hayes and colleagues at other banks would discuss the range of interest rates at which their banks were willing to lend money to each other (the “London Inter-Bank Offered Rate” of interest, or Libor), and then Hayes would select a rate inside that range that was most advantageous to his bank. 1 Inferring Term Rates from SOFR Futures Prices - Finance and Economics Discussion Series 2019-014 Trading desks report moderate volatility in Euribor futures following mixed Euro area retail data. December 2024 pricing remains anchored near 3.20%, with traders eyeing industrial figures for confirmation of economic softening trends.
