Euribor futures have taken the mantle away.....>

STIR: Euribor futures have taken the mantle away from Eurodollar futures to be

the biggest movers in G3 STIR markets today.

- The Euribor strip has moved higher on the back of a Reuters headline that the

ECB is considering tiering the deposit rate. With the ECB shown to be in a

dovish mood at its meeting 3 weeks ago, the market may now be anticipating that

the deposit rate may not be at its floor and could potentially be lowered if

combined with a tiered interest rate system. Whites are 1-3.5 ticks higher on

the day, Reds 4.5-6 ticks higher and Greens and Blues are 6-6.5 ticks higher on

the day.

- The Eurodollar strip by contract is off its highs of the day. Whites are 2-5

ticks higher, Reds 4.5-5 ticks higher and Greens and Blues generally 3 ticks

higher on the day.

- The short sterling strip has also moved a little lower and most contracts are

now within half a tick of yesterday's close.