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A respite for risk appetite through the........>

STIR: A respite for risk appetite through the Asian session and European morning
has seen STIR futures retrace some of their gains, helped by the Chinese RRR cut
- The Eurodollar strip has seen the biggest moves with Whites 1.5-4.5 ticks
lower, Reds 4-5.5 ticks lower and Greens and Blues 6-7.5 ticks lower. This still
leaves the whole strip higher than a week ago, however, with Reds, Greens and
Blues 15-19 ticks higher on the week.
- The Short Sterling strip has been helped further by a better than expected UK
PMI services print. Whites are 1-2.5 ticks lower, Reds 3-3.5 ticks lower and
Greens and Blues 4-5 ticks lower.
- The Euribor strip has also moved lower despite some mixed PMI services
releases and a weaker than expected French, Italian and Eurozone CPI prints.
Reds are 1-2 ticks lower with Greens and Blues 2-2.5 ticks lower while Whites
remain largely unchanged on the day.
- The major data has now all been released for the day in Europe and focus will
switch to the US employment report at 13:30GMT and Fed Chair Powell's panel
appearance at 15:15GMT.

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