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OI Points To Similar Positioning Swings In Euribor & SONIA Futures On Monday

STIR

OI data and yesterday’s price action points to similar positioning themes on both the Euribor & SONIA futures strips during Monday trade.

  • Net short setting seemingly dominating in the whites, followed by more modest rounds of net long cover in the reds through blues (in net pack OI terms).
  • EUR STIR markets continue to almost fully discount an ECB June rate cut given the central bank’s guidance.
  • Meanwhile this morning’s wage data and last week’s comments from BoE’s Greene have promoted the continued erosion of BoE rate cut premium (alongside a similar post-U.S. CPI move in pricing of Fed rate cuts).
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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