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Technical analysis: EuroDollar Futures

Eurodollar Future – Dec 2008

Fri, Jul 4 2008, 08:12 GMT
by Nicole Elliott

Mizuho Corporate Bank

Comment: The US yield curve should flatten again and Eurodollar calendar spreads should also move to zero. After a final lunge this week the spread between German and US Treasuries should at last start to narrow. Three-month Libor is still stuck at 2.79% and why raising money should become any easier between now and year-end must be given serious consideration. Increasing open interest in this Dec08 futures suggests steady hedging for precisely this reason. This contract’s corrective bounce has extended a little further than we had allowed for, clouding our view considerably, and putting it into overbought territory. We shall watch for cautious signs of forming an interim top over the next two weeks.

Strategy: Possibly attempt small shorts at 96.885; stop above 97.035. Cover shorts at 96.500 but be ready to re-sell on a sustained break below 96.240 for 96.205 and probably 96.000 a little further out.

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Published on  Fri, Jul 4 2008, 08:14 GMT

Archive

• Eurodollar Future – Dec 2008
  Published On Fri, Sep 5 2008, 07:45 GMT
• Eurodollar Future – Dec 2008
  Published On Thu, Aug 28 2008, 07:57 GMT
• Eurodollar Future – Dec 2008
  Published On Fri, Aug 22 2008, 07:43 GMT
• Eurodollar Future – Dec 2008
  Published On Fri, Aug 15 2008, 07:47 GMT
• Eurodollar Future – Dec 2008
  Published On Fri, Aug 8 2008, 09:20 GMT

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Mizuho Corporate Bank  | 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk