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Massive volume traded over the...>

US EURODLR FUTURES
US EURODLR FUTURES: Massive volume traded over the past week as rate cut
expectations strongly supported the front end of the strip, bolstered by
Wednesday's weaker than expected ADP (+28k) and underscored by Friday's May NFP
miss of +75k vs. +175k mean est. June rate cut odds rose to >40% on NFP data.
* Rate futures surged Monday. StL Fed Pres Bullard saying a rate cut "may soon
be warranted" added to the move and helped equities push higher.
* Rate cut pricing solidified as concern over coming recession increased. The
3M10Y spread extended inversion to a new 12 year low (-27.806).
* Midweek, saw a risk-off unwind on dueling Mexico tariff headlines, delivering
real-vol and paring gains. 
* For the week: Lead quarterly EDM9 gained .025 since Monday to 97.585. Compared
to week-ago levels, Whites (M9-H0) are 0.060-0.230 higher, Reds (M0-H1)
0.065-0.110 higher, Greens (M1-H2) 0.050-0.100 higher, Blues (M2-H3) 0.055-0.090
higher, Golds (M3-H4) 0.040-0.050 higher.
* Reminder, lead EDM9 futures and options (including midcurves) expire next
Friday, w/EDU9 taking lead.

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