Technical analysis: Euribor Futures

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Euribor – December 2008
Thu, Oct 2 2008, 07:48 GMT
by Nicole Elliott
Mizuho Corporate Bank
Comment: Investors currently view two-year Treasury paper as the ultimate safe-haven because anything shorter is distorted by chaotic money markets. This has led to a sudden sharp steepening of the yield curve, and a reappraisal of thirty-year Bunds, while the spread over US has (and should continue) to narrow. Mounting year-end pressure interbank sees Euribor calendar spreads close to their most inverted ever, with no let-up in sight. Three-month Libor (creeping up to 5.303%) over Bubill yield (from 4.30% on the 11th to 2.02% today) has widened dramatically as Eurozone investors wake up to the shaky banking system at home. This Euribor futures contract has bounced by more than we had allowed for, nevertheless we shall watch for cautious signs of topping this week.
Strategy: Possibly attempt tiny shorts at 95.080; stop above 95.175. Cover shorts ahead of 94.640 and watch for signs of basing.
Published on
Thu, Oct 2 2008, 07:51 GMT
Archive
- Euribor – March 2010
Published On Thu, Nov 5 2009, 08:25 GMT
- Euribor – March 2010
Published On Thu, Oct 29 2009, 08:48 GMT
- Euribor – March 2010
Published On Thu, Oct 22 2009, 08:24 GMT
- Euribor – December 2009
Published On Thu, Oct 15 2009, 08:13 GMT
- Euribor – December 2009
Published On Thu, Oct 8 2009, 08:59 GMT
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Mizuho Corporate Bank
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