The twelve-month Euribor rate, a popular reference interest rate for mortgages, increased to its highest level in almost a month on Friday. One-year Euribor was quoted at 3.729% on Friday, up from 3.702% on Thursday. This was the highest level seen since the end of April. Euribor is a key indicator of changes in the European Central Bank’s policy rates, and the ECB is expected to start lowering interest rates at its meeting on June 6. Expectations for further rate cuts are uncertain, with some economists revising their predictions in the spring.
Danske Bank announced on Friday that it is revising its forecast of the ECB’s future interest rate cuts. The bank now expects the ECB to lower rates twice this year, in June and December, resulting in a deposit rate of 3.5% by the end of the year. Earlier predictions had suggested three rate cuts in 2019. Interest rate derivatives indicate that the central bank could lower rates by around 0.60 percentage points this year. Nordea expects three 0.25 percentage point decreases in the central bank interest rate in 2019.
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