Big down day in Euribor

Euribor contracts were of the best part of 10 to 15 full ticks today on the back of some of the heaviest volume I have seen in a long time! With clips of 2k and above the norm today. As the chances of a rate cut and negative rates pretty much at zero, Euribors continued to fall from lofty highs as we are now trading 30 fat ticks lower then we were a month ago.
Despite the big down move spreads held very well implying that this was just a repricing of Euribor rather then a real shift in interest rate expectations. With this in mind it made trading to day great, as there was plenty of volume to fill you and it was a matter of nicking 1/2 tick all day long.
We also had very strong Initial claims and New Home Start numbers from US adding to the risk on sentiment, although we had poor Philly Fed numbers, which however wasn't enough to stop the continued ascent in Stock prices.
Looking forward if we continue heading down in STIRs I expect spread prices to continue going higher, but will be capped at the high of the ranges, as there is still no signal of any rate rises in the near future.
Tomorrow we have UK retail Sales, and Univ Michigan Consumer confidence, to lead us into the US 3 day weekend.