The ECB has dominated STIR markets.....>

STIR FUTURES: The ECB has dominated STIR markets today. The Euribor strip

initially moved higher on the back of the ECB statement at 12:45 BST where the

ECB alluded to a package including tiering and potential asset purchases, while

adding "or lower" to the forward guidance. However, the press conference gave

away little in terms of further details and the Euribor strip reversed its gains

and at the time of writing is between 1.5-2 ticks lower across the Red, Green

and Blue packs. In all, the meeting set up September and was much as expected.

- The short sterling strip has largely followed Euribor with a higher beta, but

the curve has steepened more rather than moving in a parallel shift.

Short sterling futures:

* Red Pack (U0 to M1) -2.5 to -3.0

* Green Pack (Z0 to U1) -3.0 to -3.5

* Blue Pack (H1 to Z1) -3.0 to -4.0