CHILE: December Nominal Wages Due
* USDCLP is broadly unchanged in early trade Thursday, keeping the pair close to the 970 level. ar...
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STIR: Limited Positioning Swings In SOFR futures On Monday
OI data suggests that net short setting in the reds and greens provided the most meaningful positioning swing on Monday, with little net OI change in the whites and a bias towards long cover seen in the blues.
- Net short setting in SFRZ6 provided the most meaningful positioning swing, although positioning movement in individual contracts appeared relatively limited on the day.
| 06-Jan-25 | 03-Jan-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRZ4 | 1,126,247 | 1,121,523 | +4,724 | Whites | -382 |
SFRH5 | 1,131,728 | 1,129,943 | +1,785 | Reds | +16,977 |
SFRM5 | 1,015,249 | 1,025,220 | -9,971 | Greens | +18,327 |
SFRU5 | 816,795 | 813,715 | +3,080 | Blues | -6,144 |
SFRZ5 | 914,521 | 907,450 | +7,071 |
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SFRH6 | 597,497 | 591,247 | +6,250 |
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SFRM6 | 654,399 | 648,683 | +5,716 |
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SFRU6 | 633,019 | 635,079 | -2,060 |
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SFRZ6 | 735,731 | 723,428 | +12,303 |
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SFRH7 | 468,580 | 464,119 | +4,461 |
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SFRM7 | 375,264 | 376,507 | -1,243 |
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SFRU7 | 278,714 | 275,908 | +2,806 |
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SFRZ7 | 288,438 | 292,229 | -3,791 |
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SFRH8 | 226,915 | 228,187 | -1,272 |
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SFRM8 | 160,954 | 158,795 | +2,159 |
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SFRU8 | 111,343 | 114,583 | -3,240 |
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US TSYS: TY Bearish Trend Intact Ahead of ISM Services & JOLTS
- Treasuries are a little off earlier lows but hold a twist steepening ahead of important data in JOLTS and ISM Services reports at 1000ET.
- Cash yields are 1bp lower (2s & 3s) to 1bp higher (30s), twist steepening with 2s10s at 37bps (+1.2bp) having earlier set fresh highs of 37.6bp since mid-2022.
- 10Y yields probed 4.64% earlier today (currently 4.632%), having done so yesterday as well, at seven-month highs.
- TYH5 is within a few ticks of session lows of 108-12+ having held within yesterday’s range throughout, on subdued volumes of 250k.
- A bearish trend condition remains with support at 108-06+ (Dec 26 low) after which lies 108-00 (Fibo projection of Oct 1-14-16 price swing).
- Data: Trade bal Nov (0830ET), JOLTS Nov (1000ET), ISM Services Dec (1000ET)
- Fedspeak: Barkin (0800ET)
- Note/bond issuance: US Tsy $39B 10Y Note re-open - 91282CLW9 (1300ET)
- Bill issuance: US Tsy $85B 42D CMB auction (1130ET)
EGB SYNDICATION: Slovenia 30-year: Spread set
- Spread set at MS+128bp (Guidance was MS+140bps area then MS+135bps area)
- Size: EUR Benchmark (MNI expects E1.0-1.5bln)
- Books in excess of E3.2bln (inc E505mln JLM interest)
- Maturity Date: 14 April 2055
- Settlement Date: 14 January 2025 (T+5)
- Joint Bookrunners: Deutsche Bank, Erste Group, Goldman Sachs Bank Europe SE, HSBC, J.P. Morgan (B&D) and OTP Banka Slovenia
- ISIN: SI0002104873
- Timing: Books to close at 11:45GMT / 12:45CET
From market source
