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OI Points To Net Short Setting In Euribor & SONIA Reds On Tuesday

STIR

OI Points To Net Short Setting In Euribor & SONIA Reds On Tuesday

A quick look at yesterday’s weakness in Euribor & SONIA futures alongside OI data suggests that net short setting in the reds dominated when it came to positioning swings on Tuesday.

  • All the Euribor reds seemed to see net short setting, while only very modest net long cover in SFIU5 broke the theme in that pack.
  • Both strips saw net long cover as the more prominent positioning factor in the whites, although the net pack OI movements were more limited than in the reds, given a better balance between net short setting and long cover.
  • A reminder that the firmer-than-expected U.S. ECI data provided the driver for much of the weakness in global STIR futures on Tuesday, as the hawkish Fed repricing seen in ’24 extended further.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage

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