EURIBOR: Net Short Setting Dominated During Wednesday's Sharp Sell-off

OI data suggests net short setting dominated in Euribor futures on Wednesday, with only a few pockets of long cover seen across the strip.

• Futures settled -4.5 to -36.0 ticks through the blues, amid a monumental sell-off in European rates markets following incoming German Chancellor Scholz’s fiscal announcements late Tuesday.
• The largest net OI swing was seen in the M5 contract, where ~62k of indicative net shorts were added. Z5 also saw 31k of net shorts added, while Z6 saw 31k of net longs covered.