OI Points To Mix Of Short Setting & Long Cover Around Friday's U.S. Data

The combination of Friday’s cheapening in Tsy futures and preliminary OI data points to a mix of short setting and long cover across the curve.

• Net short setting was seemingly seen in FV, TY, UXY & WN futures, while net long cover was seemingly seen in TU & US futures.
• The Net DV01 equivalent swing across the curve was limited, as were the moves in contract specific DV01 equivalents. There was a bias toward short setting on the day in net DV01 equivalent terms.
• A reminder that the mix of the generally firmer headline NFP figures/softer details and a very soft print for the employment sub-metric in the ISM services survey provided most of the vol., before a fade into the close.