MNI BRIEF: Ex-BOC's Poloz Sees 20% CAD Drop In Trade War

MNI BRIEF: Carney Says US Tariffs Will Boost Inflation, Rates

MNI: US JAN FINAL SERVICES PMI 52.9 (FLASH: 52.8); DEC 56.8

MNI NBP WATCH: Rates Held At 5.75%, Trump Risk Highlighted

MNI BRIEF: U.S. Wage Growth Stagnating At Strong Levels - ADP

MNI China Daily Summary: Wednesday, February 5

MNI:AUSTRALIA DEC TRADE BALANCE A$+5085

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Wednesday

EZ/UK Bond Supply Calendar: Spain, France Auction; Finland ORI

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EURIBOR: Mix Of Net Long Setting and Net Short Cover On Thursday

EURIBOR
BulletEurozoneFixed Income BulletsMarkets

OI data points to a mix of net long setting and net short cover in Euribor futures on Thursday, as markets assessed the weaker-than-expected flash Q4 GDP prints from France, Germany and Italy, alongside the in-line ECB decision (MNI's review here).

  • The largest OI swing was unsurprisingly seen in ERM5 (~17.5k of net longs added). Further rounds of dovish option structures were seen in this contract yesterday, with dealer hedging needs likely factoring into underlying futures volumes. The ERH5/M5 spread also flattened 2.5 ticks, with markets positioning for a more aggressive ECB easing cycle in Q2.
  • ~6.3k of net longs were added in ERM6, while OI changes were more modest across the rest of the strip. 

 

Keep reading...Show less
135 words

To read the full story

Close

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.

OI data points to a mix of net long setting and net short cover in Euribor futures on Thursday, as markets assessed the weaker-than-expected flash Q4 GDP prints from France, Germany and Italy, alongside the in-line ECB decision (MNI's review here).

  • The largest OI swing was unsurprisingly seen in ERM5 (~17.5k of net longs added). Further rounds of dovish option structures were seen in this contract yesterday, with dealer hedging needs likely factoring into underlying futures volumes. The ERH5/M5 spread also flattened 2.5 ticks, with markets positioning for a more aggressive ECB easing cycle in Q2.
  • ~6.3k of net longs were added in ERM6, while OI changes were more modest across the rest of the strip. 

 

Keep reading...Show less