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Euro zone money market spike driven by French bank contingency tests
A sudden jump in the European Central Bank’s new ESTR interest rate benchmark this week was triggered by French banks bidding for extra cash as part of contingency tests, two sources familiar with the bloc’s money markets said on Friday.The euro short-term rate, ESTR, spiked around 3 basis points to -0.511% at Wednesday’s fixing from the previous day EUROSTR=. It had fallen back to -0.542% at Thursday’s fixing. The spike raised eyebrows in euro zone bond and money markets, where investors are assessing how the ECB’s overnight rate responds to the central bank’s new tiered interest rate structure.Two ... (full story)