According to Jinshi, a trader is using options to bet that the ECB will cut interest rates by twice the current market expectations. Money market pricing corresponds to about 1.5 ECB rate cuts by 25 basis points by June. This is a far cry from the three rate cuts of 25 basis points generally expected at the beginning of this year. A series of strong US economic data eased market concerns about economic growth prospects, prompting traders to lower their bets on the extent of the Fed's rate cuts and had a chain effect on Europe. According to two London-based traders, a trader used this bet to lower the purchase of options linked to three-month Euribor futures. If the ECB cuts the deposit rate by 75 basis points to 3.25%, the transaction will be profitable.