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Dollar funding costs crept a fraction lower in Asia on Monday and swap spreads barely tightened, but still the trends showed a steady improvement in risk appetite spurred by growing optimism over the health of the banking system. In Singapore, 3-month dollars are quoted at 1.13304 percent, down from 1.13857 on Thursday last week and inching closer to this years trough at 1.09 percent in mid-January.
Markets in Singapore were closed on Friday. Eurodollar futures are also up with December eurodollar futures pricing 3-month LIBOR at 1.33 percent, compared with 1.35 percent on Friday. The spread between LIBOR and overnight-indexed swaps (OIS), the latter a measure of market expectation of policy rates, is steady at 93 basis points, having tightened over the past month. Markets in London are closed on Monday for the Easter holiday.

Copyright Reuters, 2009

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