STIR markets have seen a rather more muted.....>

STIR: STIR markets have seen a rather more muted European morning session with

the only real noteworthy moves seen on or shortly after the open.

- The Eurodollar strip has bear steepened in the White area, retracing some of

the recent moves and most of the rest of the strip is down 6-6.5 ticks. However,

the vast majority of this move actually happened yesterday shortly after the

close.

- The short sterling curve has bear steepened through Whites and Reds with

Whites unch to 0.5 ticks lower, Reds 1-4 ticks lower and Greens and Blues 5-5.5

ticks lower. Most of the move lower was either seen late yesterday or on the

open today.

- The Euribor strip is also off its highs with Whites 0.5-1 tick lower and the

rest of the strip 1.5-2 ticks lower.