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US TSY FLOWS

Bonds Reverse Recent Gains

EQUITY TECHS

E-MINI S&P (U1): Fresh All-Time High

EGB OPTIONS

Bund put spread seller

NZD

NZDUSD up 0.48%

CORN TECHS

(Z1) Remains Vulnerable

After a fairly positive start....>

US EURODLR FUTURES
US EURODLR FUTURES: After a fairly positive start to the week following on from
last Friday's better than expected employment report, risk has sold off through
Tuesday to Friday and the Eurodollar futures strip has moved higher as a
consequence.
- The sell-off in risk has accelerated on Thursday and Friday, largely driven by
external factors. Following some much weaker than expected German IP data and
Italian IP data, along with the downgrading of European growth forecasts,
concerns surrounding the global economy have picked up. There have also been
concerns surrounding global trade issues. On top of this comments from Fed voter
Bullard (although a known hawk) that the current fed funds rate is restrictive
have also helped the Eurodollar strip move higher.
- This week also saw an MNI exclusive interview with key Fed official Patrick
Harker in which he stated that the Fed is close to announcing an end to QE.
- Whites (H9-Z9) are up 2.5-3.5 ticks on the week, Reds (H0-Z0) up 5.5-8 ticks
on the week, Greens (H1-Z1) up 7-8 ticks on the week and Blues (H2-Z2) up
6.5-7.5 ticks on the week.