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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.
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Free AccessMNI China Daily Summary: Wednesday, December 11
OI Points To Mix Of SONIA Short Setting & Long Cover On Wednesday
The combination of yesterday's PMI-induced move lower on the SONIA futures strip & OI data point to the following positioning swings:
- Whites: A mix of net long cover (SFIH4 & M4) and short setting (SFIU4). OI was little changed in SFIZ3 and the price of that contract was unchanged on the day at settlement. The net bias in the pack was geared towards long cover.
- Reds: Apparent net short setting was seemingly seen in all contracts outside of what seemed to be modest net long cover in SFIZ4, with the former dominating in net pack terms.
- Greens: Apparent net long cover was seemingly seen in all contracts outside of what seemed to be modest net short setting in SFIU6, with the former dominating in net pack terms.
- Blues: Net short setting was seemingly seen in all contracts across the pack.
- A quick reminder that the pullback from late December dovish extremes in BoE pricing saw the move below 100bp of '24 rate cuts extend into the low 90s (a little over 150bp of cuts was briefly priced for '24 in late Dec '23).
24-Jan-24 | 23-Jan-24 | Daily OI Change | Daily OI Change In Packs | ||
SFIZ3 | 194,812 | 195,365 | -553 | Whites | -4,362 |
SFIH4 | 184,629 | 186,997 | -2,368 | Reds | +12,825 |
SFIM4 | 179,591 | 186,174 | -6,583 | Greens | -3,936 |
SFIU4 | 211,797 | 206,655 | +5,142 | Blues | +4,836 |
SFIZ4 | 255,481 | 256,240 | -759 | ||
SFIH5 | 167,937 | 164,195 | +3,742 | ||
SFIM5 | 139,046 | 133,343 | +5,703 | ||
SFIU5 | 99,496 | 95,357 | +4,139 | ||
SFIZ5 | 105,504 | 105,763 | -259 | ||
SFIH6 | 82,193 | 84,895 | -2,702 | ||
SFIM6 | 54,400 | 55,675 | -1,275 | ||
SFIU6 | 39,925 | 39,625 | +300 | ||
SFIZ6 | 45,181 | 44,107 | +1,074 | ||
SFIH7 | 33,948 | 32,346 | +1,602 | ||
SFIM7 | 20,977 | 19,660 | +1,317 | ||
SFIU7 | 12,262 | 11,419 | +843 |
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.