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Relative to recent weeks,........>

US EURODLR FUTURES
US EURODLR FUTURES: Relative to recent weeks, Eurodollar futures have seen a
less eventful week, with the strip flattening and the front 16 contracts all
within 5 ticks of last week's close.
- The beginning of the week started with a risk-off tone on the back of concerns
surrounding Iran. These concerns escalated ahead of the European open on Tuesday
following tweets from the Iranian Foreign Minister that the latest US sanctions
meant "closing channel of diplomacy forever".
- After climbing further, the strip hit a high on Tues just before Bullard held
an unscheduled interview on Bloomberg TV stating "the situation doesn't call for
a 50bp cut". With Bullard perceived to be one of the most dovish FOMC members,
the market started to price out a 50bp July cut and the ED strip moved lower.
- The strip continued to move lower until the early hours of Thursday morning
when the South China Morning Post wrote that the US and China had "tentatively
agreed to another truce in the trade war" despite helping equities, this
refocused market attention on the G20 and we have been trading in a fairly tight
range ever since.
MarketsFixed Income Bullets
MarketsFixed Income Bullets

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