The rally in STIRs continued yesterday early on as stock futures were down after the a down day on wall street. They did come off as the day went off and equities reversed losses.
Euribor spreads were quite flat after moving around quite a bit in the previous sessions, volume was lighter as well. Jun10-Sep10 spreads were in the 21.5 - 22 range, Dec10- Mar11 spreads ranged fron 19.5 to 20.5. For me it was a quiet day, I found it hard to initiate many positions due to the low liquidity in the far end Euribor contracts.
Short Sterling was a in tight range as well today as we wait for the Bank of England interest rate decision scheduled today. There is not much more they can do now, but still anything is possible.
As I write stock futures are on the up with gains in asia overnight, it could be another volatile day as we have PPi for the UK, BoE interest rate decision and jobless claims in the US.
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