After some big moves seen in European STIR.....>

STIR: After some big moves seen in European STIR markets this week, it is

Eurodollar futures that have been the big movers today.

- The Eurodollar strip has steepened in the White/Red area with Greens and Blues

3 ticks lower on the day. US STIR markets look ahead to a number of data

releases today including ISM and Michigan confidence.

- The Euribor strip has seen Greens and Reds also move lower, generally by 1

tick, with Reds 0.5-1 tick lower but Whites flat to 0.5 ticks higher. There have

been few surprises in this morning's slew of data, with PMIs mixed and inflation

broadly in line with exp.

- The short sterling strip has taken a bit of a breather today and is flat to

0.5 ticks lower across most of the curve. The only noteworthy data today has

been M4 and credit data but had little impact on the market.