Eurodollars are U.S. dollar-denominated deposits held in banks outside the United States. They are not subject to U.S. banking regulations, and Eurodollar futures are among the most actively traded interest rate contracts in the world.
Example
“The hedge fund traded Eurodollar futures on the CME to speculate on the direction of short-term US interest rates, profiting when the Fed cut rates more than the market had priced in.”