Rates Spark: Up And Down With Oil
2026-05-27 05:40:00 ET
By Michiel Tukker , Senior UK & Eurozone Rates Strategist
Euro rates well-behaved despite large swings
Euro rates continue to swing up and down as oil prices react to Middle East headlines, but overall, the moves are well-behaved. Brent oil is oscillating around $100 per barrel, keeping the 10Y euro swap rate close to 3.0%. The front end of the curve is also following the usual script tightly, with every $10 move higher in oil amounting to around 20bp of additional European Central Bank tightening being priced, and vice versa. Whilst we think growth concerns should start playing a more important role in driving rates, markets don’t seem worried so far, given global equities are still testing record highs....
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Rates Spark: Up And Down With Oil
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