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🏦📊Fed-ECB Implied Rate Curve Flattens: Cable FX Macro

Writer's picture: Rosbel DuránRosbel Durán

**As seen in Macro Walk report 10/06/23, subscribe at cablefxm.co.uk/reports

  • The implied rates section in our Macro Walk report has been tracking a change in relative Fed-ECB pricing for the last couple of months

  • A spread of implied rates had seen an inverted Fed-ECB curve back in August, this means that the ECB was seen outpacing the Fed, either by ECB hiking further or the Fed cutting rates sooner

  • Since the September FOMC meeting, there has been an acceleration in Fed rate cut bets paring. The development has sent the Fed-ECB curve flatter, analysts note this is something we have not seen since the ECB started hiking rates


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