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EURJPY TECHS

Bearish Risk Remains Present

US EURODLR OPTIONS

Late Put Trade

USDJPY TECHS

Holding Above Support

TURKEY

Erdogan Maintains Unchanged Stance On S-400s

STIR
STIR: President Draghi's comments earlier this morning have been the key driver
for STIR markets. Draghi said that if the economic outlook doesn't improve that
additional stimulus would be needed and stated that further interest rate cuts
were still available as part of the ECB's toolbox. Sentiment was further soured
on the release of a poor German ZEW expectations print which fell to its lowest
level since November.
- The Euribor strip has seen a parallel shift higher, with most contracts 5.5-6
ticks higher on the day.
- The Eurodollar strip has also seen a largely parallel shift higher with most
of the strip 3.5-4 ticks higher on the day.  Housing starts are the key release
this morning while the market continues to look ahead to tomorrow's FOMC
meeting.
- The short sterling strip has steepened at the front end with Whites and Reds
1-5.5 ticks higher on the day and the rest of the strip 5-6 ticks higher. The
market continues to look ahead to 18:00BST when the results of the second round
of the Tory leadership contest are due to be announced.