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Resistance in the ERU3/ERZ3 spread holds

EURIBOR
  • The double top at 5.5 in ERU3/ERZ3 held yesterday, although did print a 6 high.
  • As noted this Month, saw decent buying interest in the ERM3/ERU3 and the ERU3/ERZ3.
  • The June no longer trades, and some of the front Month volume is explained by ERU3/ERZ3 trading 14.7k outright to the downside, after printing another 5.5 high, the spread is settling back to 3/3.5.
  • ERU3/ERH4 is seeing some buying interest off the lows, after it rose to its highest levels since mid March Yesterday, the spread fell from -3 to -9 this morning.
  • Nonetheless the Euribor strip remains flatter today.

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