We are coming up to the Christmas holidays.....>

STIR: We are coming up to the Christmas holidays but in what has been a busy

week for STIR markets there continue to be some decent moves.

- Short sterling has seen the biggest moves today, with the whole strip trading

lower. The biggest moves have been seen in Reds and Greens which are 3-4 ticks

lower on the day. Whites are 1.5-3.5 ticks lower while Blues are 2.5 ticks lower

today. In what has been a busy week with both the Fed and BoE meeting, Whites

are largely unchanged on the week with the rest of the curve steepening. Blues

are 4.5-5 ticks lower on the week.

- Euribor futures have seen much smaller moves today, with most of the strip

either unchanged or 0.5 ticks higher. French Q3 GDP was revised 0.1% lower while

consumer spending disappointed. Italian manufacturing and consumer confidence

also fell more than expected. Furthermore, an ECB sources story stated that the

ECB is increasingly concerned about a Chinese slowdown, which could push the

first rate hike into 2020.

- The Eurodollar curve has steepened today with Whites generally up 1 tick,

Greens down 1 tick and Blues down 1-2 ticks