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It has been a fairly quiet European............>

STIR
STIR: It has been a fairly quiet European afternoon/US morning session in STIR
markets. The tone for the day was set in the Asian session following reports
that the US is stepping up efforts to extradite the Huawei CFO, with markets
concerned that US-Chinese trade talks will be strained.
- This led the Eurodollar strip to rise with the White area of the curve
flattening. Whites are flat to 3.5 ticks higher on the day while most Red, Green
and Blue contracts are 4 ticks higher on the day. In addition to the
geopolitical issues, poor existing home sales did little to lighten the mood in
the US.
- The Euribor strip has also flattened and moved higher today, helped by the
worst German ZEW current situation reading since January 2015. Whites are
largely unchanged on the day with Reds 0.5-1 tick higher, Greens 1-2 ticks
higher and Blues 2.5-3 ticks higher.
- The short sterling strip has bucked the trend, with most White, Red and Green
contracts 0.5 ticks lower on the day. The market seems to be suffering from
Brexit fatigue with headlines becoming less market moving.

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