€STR Forward Curve: Today’s Market-Implied Path
The 3M compounded €STR forward curve, bootstrapped from live EUR swap quotes and refreshed through the trading day. Chart it, read the year-by-year forecast, or take the whole grid to Excel.
Last update:
3M €STR forward curve · year-end forwards
| Date | Forward Rate |
|---|---|
| 31 Dec 2026 | 2.61% |
| 31 Dec 2027 | 2.71% |
| 31 Dec 2028 | 2.71% |
| 31 Dec 2029 | 2.74% |
| 31 Dec 2030 | |
| 31 Dec 2031 | |
Curves bootstrapped from live interdealer swap quotes. Read how we build these curves.
Unlock the full curve
Get the complete €STR forward curve in Excel
- Every forward, out to the longest quoted tenor
- One-click download to Excel
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- Curves for 30+ currencies, refreshed all day
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“We stopped chasing the bank for a mid. BlueGamma is our curve of record now.”
The €STR forward curve in Excel & API
If you’re copying this curve into a model more than once a month, you don’t need a download, you need a feed. One function per forward period, always current, straight into your model.
// Excel: any €STR forward period in a cell =BlueGamma.FORWARD_RATE("ESTR", start_date, end_date) # API: the same rate, one GET away GET api.bluegamma.io/v1/forward_rate ?index=ESTR&start_date=2027-06-30&end_date=3M x-api-key: your_api_key
The curve prices your float. The desk quotes a par rate.
When you fix, the bank quotes one number for the whole term. Check it against an independent €STR mid before you sign: the difference is their margin.
The curve is the forecast. The fixing is what actually printed.
Every point on this curve is the market's guess at future €STR fixings. The fixing page is the scoreboard — today's official print, the day-over-day move, and the daily history.
EUR · O/N · €STR
2.19%▲ 0.1 bp · 1d
as of
trusted by
FAQs
Quotes stream straight from tier-one inter-dealer brokers and exchanges. We sanity-check every feed before building the curve.
Yes. Pick any valuation date (and even time) and download the historical curve to Excel.
Curves update intraday from live swap quotes; the Excel download is built on the very latest ticks the moment you hit Download.
SOFR, SONIA, EURIBOR, CORRA, BBSY, STIBOR, NIBOR, JIBAR and 30-plus others — all forward curves and discount factors.
Yes. Pull curves via a REST API or use the Excel function =BLUEGAMMA(). Same numbers everywhere, no manual uploads.
Absolutely. Load any swap (fixed-for-floating, amortising or bullet), drop in the notional schedule and get a mark-to-market in minutes — or roll the clock back for historic pricing.
The Euro Short-Term Rate (€STR) is the official benchmark overnight interest rate for the euro. It represents the average cost for banks in the euro area to borrow cash overnight on an unsecured basis from a wide range of financial institutions, not just other banks.
Administered by the European Central Bank (ECB), €STR is a backward-looking rate, meaning the rate for any given day reflects the actual transactions of the previous day.
The calculation is designed to be robust and resistant to manipulation. The ECB collects daily transaction data from the largest eurozone banks. It then calculates a volume-weighted trimmed mean: all transactions are ordered by their interest rate, the highest 25% and lowest 25% of the transaction volume are removed, and the average rate of the remaining 50% becomes the official €STR. This ensures the rate reflects real market activity and is not skewed by outliers.
The €STR curve, or term structure, is a foundational tool in finance used for valuation, risk management, and market analysis. Its main applications include:
- Valuation and Discounting: The curve serves as the standard risk-free benchmark for calculating the present value of future euro-denominated cash flows. This is essential for accurately pricing everything from complex derivatives to simple bonds.
- Derivatives and Hedging: It is the primary reference rate for the multi-trillion euro derivatives market, particularly for Overnight Index Swaps (OIS). Companies and financial institutions use these instruments to hedge their exposure to fluctuating interest rates.
- Gauging Monetary Policy Expectations: The shape of the €STR curve provides critical insights into the market’s expectations for the future path of the ECB’s policy rates. A steepening curve suggests the market anticipates rate hikes, while an inverting curve can signal expected rate cuts.
This is a two-part answer, since the underlying benchmark rate and the forward curve have different update cycles:
The €STR Overnight Rate: The ECB publishes the official €STR rate at 8:00 AM CET on every TARGET2 business day. Because the rate is backward-looking, the rate published on a Tuesday morning, for example, reflects the trading activity from the previous business day, Monday.
The €STR Forward Curve: The forward curve does not have a single, official publication time. At BlueGamma, we provide our own forward curves with timestamps so you can seamlessly integrate them into your models.
Most free forward curves are published once a month as a static chart. BlueGamma rebuilds the €STR curve from live swap quotes throughout the trading day, shows the dated values rather than a picture, and lets you download the full grid to Excel during a free trial.
More on €STR rates
€STR Swap Rates
Today's EUR €STR swap rates across the tenor grid, with history.
Compounded €STR
Daily and period-compounded €STR rates for floating-leg calculations.
Forward curve basics
How forward curves are built, read and used in models.
Pull a curve into Excel
How to pull a forward curve directly into a spreadsheet, step by step.
More from BlueGamma
Or browse the full forward curve catalogue, covering every curve we publish.