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CFTC CoT Shows Most Net Shorts Extending Ahead Of CPI, Hedge Fund Short Cover Dominates In UXY

US TSY FUTURES
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The latest CFTC CoT report shows non-commercial net shorts being added to in most Tsy futures contracts through July 9, with the only exception coming via a reduction in net short positioning in UXY futures.

  • Looking a little deeper, asset mangers trimmed net longs in UXY futures, while hedge funds trimmed net shorts. The latter was slightly more sizeable.
  • The latest CFTC report doesn’t capture the bullish reaction to the much softer-than-expected U.S. CPI data (released on July 11).
  • A reminder that positioning metrics within the CFTC CoT report will be skewed by basis trades.

Source: MNI - Market News/CFTC/Bloomberg

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The latest CFTC CoT report shows non-commercial net shorts being added to in most Tsy futures contracts through July 9, with the only exception coming via a reduction in net short positioning in UXY futures.

  • Looking a little deeper, asset mangers trimmed net longs in UXY futures, while hedge funds trimmed net shorts. The latter was slightly more sizeable.
  • The latest CFTC report doesn’t capture the bullish reaction to the much softer-than-expected U.S. CPI data (released on July 11).
  • A reminder that positioning metrics within the CFTC CoT report will be skewed by basis trades.

Source: MNI - Market News/CFTC/Bloomberg