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Technical analysis: EuroDollar Futures

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Eurodollar Future – March 2010

Fri, Oct 2 2009, 09:10 GMT
by Nicole Elliott

Mizuho Corporate Bank


Comment: Whether it’s refugees from the zero interest policy, or that we are due another dose of banking jitters, investors have suddenly moved out along the US Treasury curve, flattening it in the process. We feel this is the start of a big move, safe-haven buying of yield as the American public follows in Mrs. Watanabe’s footsteps. Eurodollar futures inched to new record highs, Dec09 Fed Funds futures trading at 99.850; could we conceivably get to 100.00? (Note that from 2001 to 2005 Euroyen futures traded at 99.900 give or take 15 pips). We still feel that of the Eurodollar futures June and Sep10 contracts have the bigger upside potential. We remind that the chance of a sudden slide remains high as we hit the top of the widening chart formation and awareness of the difference between domestically held versus overseas dollars is taken into consideration.

Strategy: Possibly attempt the tiniest of longs at 99.425/99.370; stop well below 99.250. Target 99.575/99.675.

Published on  Fri, Oct 2 2009, 09:13 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

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