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OI Points to Mixed SONIA Futures Positioning Swings On Tuesday, Wings See Biggest Net Moves

STIR

The combination of yesterday’s twist flattening of the SONIA futures strip and OI data points to net short setting in the whites and net long setting in the blues.

  • Net pack positioning moves in the reds and greens was limited.
  • Tuesday saw former hawkish BoE dissenter Mann suggest that market pricing of rate cuts was too aggressive. As a result, she didn’t endorse the idea of rate cuts, suggesting that the market is already doing the work for her.
  • GBP STIR markets continue to price ~75bp of ’24 BoE rate cuts, with above even odds of the cutting cycle getting underway come the end of the June meeting.
26-Mar-2425-Mar-24Daily OI ChangeDaily OI Change In Packs
SFIH4218,894216,862+2,032Whites+11,894
SFIM4277,068272,097+4,971Reds-854
SFIU4221,139219,619+1,520Greens-1,132
SFIZ4294,037290,666+3,371Blues+4,504
SFIH5192,295191,544+751
SFIM5162,735163,145-410
SFIU5116,017116,901-884
SFIZ5153,313153,624-311
SFIH6107,256108,691-1,435
SFIM674,10172,914+1,187
SFIU653,11053,315-205
SFIZ659,64760,326-679
SFIH740,13939,009+1,130
SFIM732,60331,943+660
SFIU726,45026,113+337
SFIZ718,80516,428+2,377
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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