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OI Points To Mix Of Long Cover & Short Setting On Wednesday

EURIBOR

The combination of yesterday’s light downtick across the Euribor strip and OI data points to long cover as the dominant positioning factor through the greens on Wednesday (with some instances of net short setting seen in the likes of ERM4 and ERZ6).

  • Meanwhile, the blue pack saw a modest bias towards net short setting, with only ERH7 breaking that trend via what seemed to be a very modest round of net long cover
  • A quick reminder that supply-related pressure in the longer end of the EGB space and some hawkish pushback from ECB Executive Board member Schnabel re: discussing rate cuts helped Euribor futures to tick lower on the day.
10-Jan-2409-Jan-24Daily OI ChangeDaily OI Change In Packs
ERH4803,933822,751-18,818Whites-28,322
ERM4634,465625,464+9,001Reds-15,440
ERU4461,324475,699-14,375Greens-2,867
ERZ4437,859441,989-4,130Blues+2,048
ERH5399,688409,224-9,536
ERM5346,252346,772-520
ERU5240,041243,449-3,408
ERZ5259,132261,108-1,976
ERH6183,072185,562-2,490
ERM6103,697103,939-242
ERU698,29999,550-1,251
ERZ6100,91399,797+1,116
ERH763,53164,035-504
ERM746,54045,836+704
ERU740,86439,166+1,698
ERZ752,14951,999+150
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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