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OI Points to Mix Of Net Short Setting & Long Cover In SONIA Futures Ahead Of Weekend

STIR

Friday's modest downtick in most SONIA futures and OI data points to net long cover as the dominant positioning factor in the whites, while the reds and the blues saw net short setting dominate.

  • Net pack OI was essentially unchanged in the greens as short setting and long cover offset.
  • Softer outcomes in most of the BoE inflation attitudes survey metrics (albeit still above target) provided some local support, although spill over from hawkish flows in the U.S. re: the Fed eventually outweighed.
15-Mar-2414-Mar-24Daily OI ChangeDaily OI Change In Packs
SFIZ3189,707189,662+45Whites-13,641
SFIH4197,461201,877-4,416Reds+3,337
SFIM4271,414276,468-5,054Greens+21
SFIU4217,568221,784-4,216Blues+6,402
SFIZ4306,487298,408+8,079
SFIH5172,994180,820-7,826
SFIM5154,262153,063+1,199
SFIU5118,657116,772+1,885
SFIZ5156,639153,503+3,136
SFIH697,87699,822-1,946
SFIM673,59072,436+1,154
SFIU647,98750,310-2,323
SFIZ660,94754,440+6,507
SFIH741,21540,971+244
SFIM731,64031,245+395
SFIU720,90121,645-744
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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