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Free AccessOI Points to Mix Of SONIA Futures Positioning Swings On Thursday
The combination of Thursday's twist flattening of the SONIA futures strip and preliminary OI data points to the following positioning swings on Thursday:
- Whites: Net long cover in all contracts outside of what appeared to be net short setting in SFIH4. The former dominated in net pack terms.
- Reds: Net long setting was seemingly seen in all contracts outside of some apparent short cover in SFIH5.
- Greens: A mix of apparent net long setting and short cover which essentially offset in net pack terms.
- Blues: Modest net short cover in all contracts.
- A reminder that a slightly more hawkish than markets had expected initial BoE outcome was tempered by some dovish snippers in the post-meeting press conference/projections/statement, before U.S. matters (soft ULC data and banking sector worry) came to the fore.
01-Feb-24 | 31-Jan-24 | Daily OI Change | Daily OI Change In Packs | ||
SFIZ3 | 187,645 | 192,343 | -4,698 | Whites | -6,615 |
SFIH4 | 205,758 | 202,822 | +2,936 | Reds | +7,056 |
SFIM4 | 185,110 | 185,240 | -130 | Greens | -143 |
SFIU4 | 205,882 | 210,605 | -4,723 | Blues | -1,579 |
SFIZ4 | 263,034 | 257,075 | +5,959 | ||
SFIH5 | 167,778 | 168,904 | -1,126 | ||
SFIM5 | 133,456 | 132,159 | +1,297 | ||
SFIU5 | 94,193 | 93,267 | +926 | ||
SFIZ5 | 112,626 | 115,353 | -2,727 | ||
SFIH6 | 79,391 | 79,652 | -261 | ||
SFIM6 | 57,840 | 55,955 | +1,885 | ||
SFIU6 | 40,910 | 39,950 | +960 | ||
SFIZ6 | 45,776 | 46,720 | -944 | ||
SFIH7 | 35,959 | 36,268 | -309 | ||
SFIM7 | 23,065 | 23,332 | -267 | ||
SFIU7 | 14,271 | 14,330 | -59 |
To read the full story
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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.