*** Continue to grind higher,....>

US EURODLR FUTURES: *** Continue to grind higher, lead quarterly very well bid

on heavy volume (EDH0>765k) prospect of another cut at the Mar 17-18 FOMC not

dissipated after today's surprise cut for first time in 12 years. Lower equities

implication -- 50bps not enough, but uncertain if Fed will pull the trigger

again. Heavy option volume back to buying low delta calls through summer

expirys, implied vol has rebounded. Current White pack (Mar'20-Dec'20):

* Mar 20 +0.160 at 98.930

* Jun 20 +0.090 at 99.160

* Sep 20 +0.10 at 99.265

* Dec 20 +0.110 at 99.260

* Red Pack (Mar 21-Dec 21) +0.085 to +0.10

* Green Pack (Mar 22-Dec 22) +0.075 to +0.080

* Blue Pack (Mar 23-Dec 23) +0.070 to +0.080

* Gold Pack (Mar 24-Dec 24) +0.065 to +0.075