As one of my colleagues puts it, it is......>

EURIBOR: As one of my colleagues puts it, it is not about the destination, but

the journey that matters. Euribor Whites, Reds and Greens may all be within 2.5

ticks of last weeks close, but this doesn't tell the whole story (and also Blues

are up to 6 ticks higher on the week).

- There have been two major moves in Euribor futures over the past week. First

on Wednesday evening after the European close there was a big move in ERZ0 and

ERH1 which caused a lot of head scratching and seems to have been explained

largely as a fat finger (see Wed night Talking Points on page 2).

- The second major event was the ECB meeting. The statement was dovish, pointing

to potential rate cuts, tiering and QE and saw the Euribor strip move higher.

However Draghi was a little more balanced in his press conference regarding the

outlook for growth and gave little details of any future package, although

significantly he did say that he was concerned about inflation. Nevertheless,

the Euribor curve moved lower. After moving a bit higher again into the Thursday

close the strip moved back a little lower again on Friday but didn't reach the

post-ECB press conference lows.