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COPOM Decision In Focus

STIR: The biggest moves in G3 STIR markets this morning have been in the
Eurodollar strip. After clarification that the US was not considering limiting
investment into Chinese firms over the weekend, the Eurodollar strip shifted
lower, largely over the European open. Whites are unch to 4.5 ticks lower, Reds
4-3.5 ticks lower, Green 3.5-4 ticks lower and Blues 2.5-3.5 ticks lower versus
Friday's close.
- The short sterling strip is above Friday's settlement levels, although this is
largely due to a move seen late on Friday rather than this morning. Most of the
strip is 1-2 ticks higher.
- The Euribor strip has seen Whites and Reds move 0.5 ticks higher while Greens
and Blues are generally 0.5 to 1 tick lower.