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Market Digest Hawkish BoK Minutes

STIR: It has been another fairly quiet day in STIR markets. In the G3, the
biggest moves have been seen in short sterling futures with Whites, Reds and
Greens 1.5-2 ticks higher on the day following yesterday's slightly dovish BoE
meeting. Blues are largely unchanged on the day.
- In Europe, we have seen another negative data surprise in the shape of Italian
industrial production falling 0.8% on the month against an expected 0.3% rise.
On a Y/Y WDA basis, Italian IP was last lower in 2012. French IP was broadly in
line with expectations. Euribor futures have seen the curve flatten a little.
Whites are unchanged on the day, Reds 0.5 ticks higher while Greens and Blues
are 1 tick higher on the day.
- There is little on the US economic calendar today with the highlight a speech
by the Fed's Daly (non-voter) in a moderated conversation at the Bay Area
Council European Economic Institute. Eurodollar Whites are 0.5-1 tick higher on
the day while the rest of the strip is within 0.5 ticks of yesterday's close.