STIR markets have rallied on the European......>

STIR: STIR markets have rallied on the European open following last night's more

dovish than expected Fed statement. The Eurodollar futures strip has continued

its move higher with the biggest moves seen in Reds which have moved 3.5-4.5

ticks higher since the close (9-9.5 ticks higher since Tuesday's close). Whites

are 1-3.5 ticks higher on the day (2.5-7.5 ticks higher since Tues close),

Greens 2.5-3 ticks higher (6-8 ticks higher since Tues close), Blues 1.5-2 ticks

higher (4.5-5 ticks higher since Tues close).

- The Short sterling strip has been dragged higher, with Whites 1-2.5 ticks

higher and Reds, Greens and Blues all 2-3 ticks higher.

- The Euribor futures strip has also moved higher with Whites within 0.5 ticks

of yesterday's close but Reds 0.5-1.5 ticks higher, Greens 2-2.5 ticks higher

and Blues 2.5-3 ticks higher. This morning French HICP has been in line with

consensus expectations and Spanish HICP a tenth lower than expected (in line

with yesterday's German HICP). We will receive the pan-Eurozone flash HICP

estimate tomorrow while today's remaining key European release is Eurozone GDP

at 10:00GMT.