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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.
US TSY FUTURES
The latest CFTC CoT report showed non-commercial accounts extending net shorts in TU, FV, TY and WN futures.
- Overall net shorts in FV futures hit new cycle extremes.
- Elsewhere, non-commercial positioning in US futures moved back into net short territory after 3 weeks of fairly limited net long positioning.
- UXY futures broke the wider trend and saw net shorts trimmed.
- Hedge funds generally added to net short positions across the curve, although TY and WN saw some short cover from that investor cohort. They also flipped to net short positioning in SOFR futures for the first time since May ‘23.
- The ‘hawkish cut’ from the ECB and Friday’s NFP report will have been welcomed by that investor group, with the details of this CoT report not capturing those events (cut off date was Tuesday 4 June).
- A reminder that basis trades will skew futures positioning metrics.
Source: MNI - Market News/CFTC/Bloomberg
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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