It has been a relatively uneventful morning....>

STIR: It has been a relatively uneventful morning for STIR markets but there is

some divergence between markets this morning.

- German factory orders came in much weaker than expected this morning, falling

4.2% M/M or 8.4% Y/Y. Much of this weakness was driven by non-Eurozone orders

which fell 7.9% M/M or 11.6% Y/Y. This print has fuelled further concerns about

the outlook for the global economy.

- With Eurodollar futures having a higher beta than Euribor futures to economic

data, the largest moves were seen in the Eurodollar strip. Most of the strip

rose by 2-2.5 ticks on the day. The US calendar is fairly light today with

claims and speeches from the Fed's Mester and Harker the highlights. However,

all eyes are looking ahead to tomorrow's employment report, particularly

following yesterday's weak ADP print.

- The Euribor futures strip is largely unch through the front 11 contracts with

Blues 0.5-1 ticks higher on the day. The Accounts of the ECB's March meeting

will be closely watched for any hints of tiering or further easing.

- The short sterling strip is down 0.5-1 tick as Brexit continues to dominate.