After a fairly positive start....>

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.