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US TSY FUTURES
Friday’s CFTC CoT report pointed to non-commercial net short setting across most Tsy futures in the period up until 7 May.
- This was despite the softer-than-expected labor market report and generally softer-than-expected economic activity readings, as inflation components within the latest survey data continued to promote stagflation-related discussions, limiting receiver-side moves in FOMC-dated OIS.
- Only UXY futures saw their net short position trimmed, per the report.
- Closer inspection of the data reveals that hedge funds drove the deepening of the broader net short positioning, although they trimmed net shorts in both TU & UXY futures.
- Positioning remains net short across the curve (although some skew from basis trade positioning will be at play), with US futures the closest to net neutral positioning.
- All net shorts are comfortably off of the 52-week extremes, in both outright and net % of open interest terms.
Source: MNI - Market News/Bloomberg/CFTC
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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