It's been a big day for money markets with a...>

STIR: It's been a big day for money markets with a broad based rally led by the

US.

- The biggest moves have been seen in Eurodollars with reds and greens moving as

much as 14bp higher than yesterday. The Z0 contract has only see a rally as big

as today three times since the beginning of 2015. Rate hikes are being priced

out in the US as concerns have spiked that the US and China will not be able to

agree a trade deal following the arrest of Huawei's CFO. This has built on

broader concerns about US growth slowing.

- The Eurodollar curve has considerably flattened in the whites.

- Short sterling has followed Eurodollar higher with flattening across the

curve. Reds are 3-4.5bp higher, greens 4.5-6.5bp higher and blues 6.5-8.5bp

higher.

- Euribor's moves have been slight in comparison with greens and blues moving

2.5-3bp higher and smaller moves seen in the reds.

- Swedish and Norwegian FRAs have seen implied rates on reds and greens fall

between 2-4bp.