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EURGBP TECHS

Recovery Holds For Now

EURGBP TECHS

Recovery Holds For Now

US OUTLOOK/OPINION

SocGen Sees Big Unemp Rate Drop; JPM In Line On Job Gains

GBPUSD TECHS

Trend Direction Remains Down

FED

Reverse Repo Operation

STIR
STIR: All moves within the front 16 quarterly contracts of G3 STIR futures have
been limited to two ticks so far this morning. Indeed, most White, Red and Green
contracts are either unch or within half a tick of yesterday's close.
- In general there has been a risk-off feel to markets today with equities
generally lower. Fixed income has generally moved higher but the curve has bull
flattened so moves have been more limited at the short-end.
- The German ZEW disappointed and the Euribor strip is within 0.5 ticks of
yesterday's close through Whites, Reds and Greens, but Blues are 0.5-2 ticks
higher on the day.
- UK employment data was generally better than expected, particularly through
wage growth, but the majority of the short sterling strip is within 0.5 ticks
expected Blues which are 0.5-1.5 ticks higher on the day.
- The Eurodollar strip is generally 0.5 ticks lower across the curve. US CPI and
average earnings figures are the calendar highlight through the rest of the
session. There is likely to be continued headline risk throughout the day.