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OI Indicates Long Setting Seen Across Most Of SONIA Futures Strip On Friday

STIR

Akin to global peers, the combination of Friday's richening on the SONIA strip and OI data points to long setting as the dominant positioning factor ahead of the weekend.

  • Net long setting was seen across all packs through the blues.
  • A pocket of apparent short cover was seen in the whites (SFIH4), essentially offsetting the uptick in OI from the apparent long setting seen elsewhere in the pack.
  • The reds and greens seemingly saw fresh longs set across all contracts.
  • The blues seemingly saw long setting in all contracts barring SFIU7 (where modest net short cover was seemingly seen).
  • U.S. PPI dominated broader macro matters, while softer than expected 3-month/3-month GDP and index of services data for November caught the eye domestically.
12-Jan-2411-Jan-24Daily OI ChangeDaily OI Change In Packs
SFIZ3201,088200,177+911Whites+332
SFIH4202,206218,638-16,432Reds+24,716
SFIM4178,349173,025+5,324Greens+7,731
SFIU4172,981162,452+10,529Blues+2,746
SFIZ4266,894257,754+9,140
SFIH5149,998143,884+6,114
SFIM5126,818120,614+6,204
SFIU592,84589,587+3,258
SFIZ5105,684101,520+4,164
SFIH688,03587,117+918
SFIM654,25053,379+871
SFIU640,45038,672+1,778
SFIZ644,90942,703+2,206
SFIH730,70330,115+588
SFIM716,46216,204+258
SFIU710,89211,198-306
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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