Dollar denominated deposits held outside the US, and thus outside the control of the US federal reserve. These deposits don’t have to be held in the euro area.
Other Trading Basics
Backwardation occurs when a bid price exceeds the ask price.
This usually occurs when stock is suspended or under a share repurchase scheme.
It can also mean that a futures contract will trade at a higher price when it is coming close to expiring.
The opposite of backwardation is known as contango.