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OI Suggests Mix Of Long Setting & Short Cover Dominated In Futures On Wednesday

EURIBOR

The combination of the uptick in Euribor futures and OI data point to net short cover as the dominant positioning factor in the whites and reds, albeit with some apparent pockets of net long setting seen (ERZ4 & Z5). The same theme was seemingly apparent in the blues, with only what seemed to be very modest net long setting in ERH7 breaking the trend in that pack.

  • Meanwhile, the greens seemed to be subjected to modest net long setting in all contracts.
  • Cross-market matters continued to dominate, with lower-than-expected UK CPI readings and dovish Fedspeak from Goolsbee noted yesterday.
  • Familiar caution/pushback from most of the ECB Governing Council & Executive Board re: imminent timing of rate cuts appeared to be a bit of a limiting factor for the bid in the space.
14-Feb-2413-Feb-24Daily OI ChangeDaily OI Change In Packs
ERH4846,681848,095-1,414Whites-9,170
ERM4638,985642,462-3,477Reds-9,004
ERU4403,884410,049-6,165Greens+2,342
ERZ4423,420421,534+1,886Blues-2,222
ERH5374,876380,425-5,549
ERM5322,233324,778-2,545
ERU5256,569258,337-1,768
ERZ5296,723295,865+858
ERH6189,836189,461+375
ERM6124,944124,134+810
ERU6108,294107,405+889
ERZ6100,775100,507+268
ERH776,87376,858+15
ERM750,29850,713-415
ERU746,40147,733-1,332
ERZ760,70961,199-490
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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