French day ahead cleared at a discount to Germany for the second consecutive session, with costs diverging, amid the continued increase of rising French wind output coupled with stable nuclear availability, which offset an increase in power consumption in France. Germany climbed owing to lower wind on the day and firm power demand - raising the residual load in the region slightly.
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Besides setting the tone for Wednesday's CPI data, the December PPI report (0830ET Tuesday) will help shape expectations for the monthly PCE print which is due out on Jan 31, two days after the FOMC decision.
OI points to a mix of net short setting (TU, UXY, US & WN) and long cover (FV & TY) during yesterday’s move lower in Tsy futures.
| 13-Jan-25 | 10-Jan-25 | Daily OI Change | OI DV01 Equivalent Change ($) |
TU | 4,309,879 | 4,296,021 | +13,858 | +529,282 |
FV | 6,134,293 | 6,154,065 | -19,772 | -819,298 |
TY | 4,660,490 | 4,677,693 | -17,203 | -1,090,129 |
UXY | 2,225,372 | 2,220,460 | +4,912 | +421,706 |
US | 1,937,239 | 1,929,471 | +7,768 | +941,969 |
WN | 1,796,756 | 1,782,817 | +13,939 | +2,526,574 |
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| Total | +3,502 | +2,510,105 |