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To: Tommaso who wrote (79)12/14/2000 5:19:54 PM
From: Oblomov  Read Replies (1) of 329
 
Tommaso, that is not a Euro FX contract. Instead, it is a futures contract on the Eurodollar overnight rate. Eurodollars are USD held as foreign reserves in non-US banks (not necessary just in Europe). Since there is no "World Central Bank", the overnight lending rate between countries is set purely by the money market. Many US banks and money mkt funds lend overnight to stable foreign banks because the Eurodollar rate and LIBOR are higher than the Fed Funds rate.
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