Relative to the past couple of...>

US EURODLR FUTURES: Relative to the past couple of weeks, it has been a quiet

week for US Eurodollar futures with a shallow flattening of the curve.

- The week began with Eurodollar futures on the backfoot, continuing their

descent from the highs seen on Wed March 27. A brief spike higher following a

poor retail sales print was quickly forgotten with a better than expected ISM

manufacturing print providing a risk-on move into Monday's close.

- Since Tues, the strip has generally been range trading between Mon's lows and

levels prior to the ISM manufacturing release. After drifting to the top of this

range in early Tuesday trading, the Asian session saw the strip fall back

towards its lows on Wed on the back of positive US-China trade headlines.

- Friday's employment report saw the strip bounce around, immediately moving

higher due to the disappointing hourly earnings data before falling back to the

lows of the week before moving back towards the top of its Tues-Fri range. 

- Whites (M9-H0) are now pricing out earlier chances of a rate cut by year-end

and are 0.5-1.5 ticks lower this week, Reds and Greens (M0-H2) 0.5 ticks lower

to 0.5 ticks higher and Blues (M2-H3) 1-2 ticks higher.