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I am having trouble understanding the Key Rate (partial) Duration profile of Eurodollar Future contracts. Using market rates and pricing date as of 11/14/2018 I have calculated the partial duration profile of the EDH9 (March '19) contract as such:

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With an 11/14/2018 reference date, this contract has ~3mo to expiry at which point it will cash settle on the value of 3mo LIBOR. So it should follow that the value of this contract (ignoring any effects of convexity) derives its value from 3mo LIB struck 3mo forward.

Turning back to the partial duration profile above, this contract has (-) KRD DV01 3M, implying its value falls when the 3mo key rate is shocked down 1bps. Stated alternatively, in the KRD 3M DN1 scenario, 3mo x 3mo LIB has risen (long Euro$, rates rise, value falls). This development in forward space is observed:

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My question is why does a 1bps down shock to LIB Spot produce an increase of 1bps to LIB FWD 3M?

I have spent some time surfing the net and cannot seem to find a concise explanation. Thanks for your help!!

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Because you are keeping the 6m rate constant. Therefore, if the spot 3m rate goes down, the forward must go up.

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