After North American trading began there has...>

STIR: After North American trading began there has been continued digestion of

yesterday's Fed hike.

- Earlier today, we noted that most Red, Green and Blue Eurodollar futures

contracts were at their highest levels since October 2016. However, these gains

have since been reversed with Greens and Blues now unchanged since yesterdays

changed. The curve has also flattened in the White and Red area with the U9 and

Z9 contracts seeing the biggest falls, down 4 ticks and other White and Red

contracts also down up to 3.5 ticks.

- The Bank of England left rates unchanged and the Short Sterling strip remains

around 1-2 ticks higher in general, with the M9-Z9 area seeing a slightly larger

move 2.5-3 ticks higher. The Bank pointed to increased Brexit risks leading to

an uncertain policy horizon ahead.

- The Euribor strip remains largely unchanged since our last update with Whites

and Reds largely flat on the day and Greens and Blues 2.5-2.5 ticks higher.