It has been a bumpy ride but.....>

US EURODLR FUTURES: It has been a bumpy ride but Eurodollar futures have moved

higher this week, with each day posting a higher close than the day before.

- A risk off start to the week, partly driven by concerns around US-Sino trade

negotiations and partly by global growth concerns saw the strip move higher.

- The moves higher accelerated on the back of the ECB meeting as global growth

concerns further increased. The ECB announced that it would launch a new round

of TLTRO liquidity operations, extended its forward guidance to keep rates unch

until at least the end of the year while also sharply revising down its growth

and inflation forecasts. In addition, the ECB noted that risks remain to the

downside in spite of the new TLTROs as the ECB was unable to cushion the

Eurozone economy from external factors such as a Chinese slowdown or Brexit.

- Friday's poor NFP print saw a brief spike higher before focus turned to better

earnings and unemployment data and the strip moved back to pre-data levels.

- This week, the front-end steepened with Whites (H9-Z9) unch to 5.5 ticks

higher, Reds (H0-Z0) 7-10 ricks higher while the rest of the curve is 11-12

ticks higher.