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STIR: There has been some divergence in G3 STIR markets this morning.
- Short sterling futures are lower on the day. The political narrative today has
focused on Hammond's comments that "to say people voted for hard Brexit simply
isn't true". 21 Tory MPs (including Hammond) have sent a letter to PM Boris
Johnson to try to persuade him to reconsider the costs of no deal. The short
sterling strip has seen most White Red and Green contracts down 1.5-3.5 ticks on
the day. Blues are down 0.5-1 tick.
- The Eurodollar strip is higher since yesterday's close but much of the move
occurred during the Asian session while moves in the European morning session
have been fairly muted. Relative to yesterday's close, Whites are 2-4 ticks
higher while the rest of the strip is 3-4.5 ticks higher.
- The Euribor strip has moved higher too, helped by data confirming that the
German economy contracted in Q2. Euribor Whites and Reds are unch to 1 tick
higher, Greens 1.5-2.5 ticks higher while Blues are 3-3.5 ticks higher.