FRANKFURT, May 8 (Reuters) - Euribor bank-to-bank lending
rates were little changed on Wednesday as investors waited for
further clues from the European Central Bank on whether it will
cut official interest rates further.
ECB President Mario Draghi said on Monday the ECB would
monitor incoming data closely and would be ready to cut rates
further, including the deposit rate currently at zero. The ECB
cut its main rate to 0.5 percent last week.
On Tuesday, Executive Board member Joerg Asmussen reiterated
Draghi's message, but added that there were risks to keeping
rates too low for too long.
On Wednesday, the three-month Euribor rate,
traditionally the main gauge of unsecured bank-to-bank lending,
inched higher to 0.203 percent from 0.202 percent.
The six-month rate also rose slightly to 0.303 percent from
0.302 percent. The one-week rate stayed at 0.083
percent. The overnight Eonia rate fell to 0.075 percent
from 0.083 percent.
Dollar-priced bank-to-bank Euribor lending rates were lower, with three-month rates
down at 0.47333 percent from 0.47556 percent and one-week rates
falling to 0.30000 percent from 0.30333 percent.
Excess liquidity in the euro zone banking
sector was at 316 billion euros, helping keep market rates below
the ECB's refinancing rate.
Draghi said in February he does not expect market rates to
face upward pressure until excess liquidity in the banking
sector falls below 200 billion euros.
Euribor rates are fixed daily by the Banking Federation of
the European Union (FBE) shortly after 0900 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
(Reporting by Frankfurt newsroom)
Keywords: MARKETS EURIBOR/
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