Euribor rates on hold ahead of Fed decision on bond buys
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FRANKFURT, Dec 18 (Reuters) - Recent rise in euro-priced
bank-to-bank lending rates paused on Wednesday, ahead of the
U.S. Federal Reserve's decision whether or not to slow its
policy support.
Market participants are keeping an eye on the Fed's December
policy meeting for indications whether the central bank may slow
its bond purchases. Earlier in the year, similar speculation had
pushed up money market rates in Europe.
The Fed wraps up its two-day meeting on Wednesday with a
highly anticipated policy announcement at 1900 GMT, followed by
Ben Bernanke's last news conference as Fed chairman a half hour
later.
The ECB kept interest rates on hold at 0.25 percent in
December and policymakers' comments since have suggested there
is little appetite at present to deploy any of the policy
options the ECB has left to support the euro zone economy.
Draghi said on Monday the central bank would intervene if
inflation remained low for too long, but he declined to discuss
in detail the instruments it could use.
Another factor driving money market rates and the euro
higher is that the ECB's balance sheet has shrunk 8 percent this
year as banks have started to pay back the 1 trillion euros in
cheap loans given to them at the peak of the euro crisis.
Excess liquidity - the amount of money in the market beyond
what banks need for their day-to-day operations - is now at 173
billion euros, a level where it is seen as putting
upward pressure on short-term money market rates.
The three-month Euribor rate, traditionally
the main gauge of unsecured bank-to-bank lending, remained at
0.298 percent, equalling the highest level since the end of
August 2012.
The six-month Euribor rate stayed at 0.393
percent, while the shorter-term one-week rate rose
to 0.190 percent from 0.183 percent. Overnight Eonia
rose to 0.206 percent from 0.183 percent on Tuesday.
Euribor rates are fixed daily by the Banking Federation of
the European Union (FBE) shortly after 1000 GMT.
* For a table of the latest Euribor fixings for terms of one
week to one year, double click on
* For a table of the previous day's fixings of EONIA swap
rates, which show market expectations for future overnight
lending rates, double click on
* For graphs of historic Euribor and EONIA swap rates, right
click on the links in angle brackets below, and select 'Related
Graph'
1 week
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(Reporting by Frankfurt newsroom)
Keywords: MARKETS/EURIBOR
([email protected])(+49 69 7565 1209)
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