In the end it has been a.........>

US EURODLR FUTURES: In the end it has been a rather up and down week for US

Eurodollar futures but the strip has ended up shifting lower. Monday began with

concerns about a second government shutdown and saw the Eurodollar futures strip

climb higher. However, a more risk-on tone followed through Tuesday as reports

surfaced that a bipartisan deal had been brokered to avert the shutdown,

although at this stage it was noted that Trump had yet to agree to it.

- As it became clearer that Trump would support a deal and media reports also

began to point towards an extension of the deadline for the US-China

negotiations (which would delay penalty tariffs on Chinese imports into the US)

risk continued to rally into Wednesday and early Thursday trading (on Friday

Trump declared a National Emergency in order to push through more wall funding).

- A poor retail sales report on Thursday morning saw the Eurodollar strip

retrace a lot of its moves lower on the week. However a more risk-on Friday

session (in spite of poor IP data) saw the Eurodollar strip strip moving lower.

- Whites (H9-Z9) are 1.5-5.5 ticks lower on the week, Reds (H0-Z0) 7.5-9 ticks

lower, Greens (H1-Z1) 6-8 ticks lower and Blues (H2-Z2) 4-5.5 ticks lower.