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While all eyes have been on 10Y USTs....>

EURO-DOLLAR
EURO-DOLLAR: While all eyes have been on 10Y USTs hitting 3.00%, US rate futures
have been selling off to key levels too.
-The move higher in short-term US rates looks relentless, with EDZ9 currently at
lowest since Jul 15 (96.985).
-Most notably, the implied US-EMU yield differential from generic 12-month
eurodollar futures over euribor futures have reached the highest level (250bps)
since Jun 99, and not far off the all-time high weekly close (264bps, set in May
99).
-The last three times (Jun 99, Sep 14, Dec 16) the spread was around this level,
EUR was at or on its way to below 1.05 vs USD.

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