After hitting a high just........>

US EURODLR FUTURES: After hitting a high just before the end of March, the

Eurodollar strip has bucked the trend of the prior three weeks, gradually

inching higher as rate cut chances for later in the year gained momentum.

- After returning from the Easter holiday, the week started quietly, before

gains across the strip Tue, not headline driven but coinciding with a US$ rally.

- Midweek gains kicked off during Asia hours. The weakest Australian CPI since

2016 triggered the move and the German IFO helped push the strip higher still.

- Mostly stable Thu, prices consolidated ahead Fri's GDP release. The better

than expected headline initially saw a kneejerk move lower, but the

disappointing details including the soft price index and core CPE deflator saw

the strip move to its highs of the week.

- Front June'19/Red June'20 has declined to the lowest one-year calendar on the

board as Fed effective rate continues to set at 2.44, spurring outright selling

and rate paying in the front end.

- Whites (M9-H0) are 4-10 ticks higher on the week, Reds (M0-H1) 10-11 ticks

higher, Greens 8.5-10 ticks higher and Blues 6.5-7.5 ticks higher.