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Short Setting Seen In Most SONIA Futures On Monday

STIR

The combination of yesterday's move lower in SONIA futures and OI data points to a bias towards to net short setting on Monday.

  • Net OI moves were relatively contained outside of SFIM4. That resulted in very modest net pack OI movement outside of the whites.
  • Pockets of modest net long cover were seemingly seen.
  • UK fiscal speculation remains at the fore, with expectations moving towards slightly deeper fiscal easing vs. what was suggested at the end of last week.
  • Still, none of the ideas that have been outlined are new, sticking to previous lines of speculation seen in recent months,
04-Mar-2401-Mar-24Daily OI ChangeDaily OI Change In Packs
SFIZ3189,631188,796+835Whites+10,175
SFIH4193,300194,489-1,189Reds+666
SFIM4269,749261,147+8,602Greens+2,458
SFIU4210,691208,764+1,927Blues+296
SFIZ4303,775304,039-264
SFIH5175,891175,471+420
SFIM5148,132147,342+790
SFIU5122,574122,854-280
SFIZ5152,924152,099+825
SFIH699,32697,756+1,570
SFIM665,78065,462+318
SFIU644,88545,140-255
SFIZ652,59852,218+380
SFIH738,54238,612-70
SFIM728,14827,965+183
SFIU720,19920,396-197
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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