OI data points to net short cover dominating in the white pack of the SOFR futures curve as contracts in that area of the strip ticked higher.
| 17-Dec-25 | 16-Dec-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRU5 | 1,307,409 | 1,307,491 | -82 | Whites | -140,000 |
SFRZ5 | 1,442,109 | 1,572,214 | -130,105 | Reds | +95,847 |
SFRH6 | 1,354,336 | 1,368,501 | -14,165 | Greens | -23,375 |
SFRM6 | 1,154,205 | 1,149,853 | +4,352 | Blues | -10,967 |
SFRU6 | 1,212,738 | 1,190,486 | +22,252 |
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SFRZ6 | 1,158,214 | 1,126,580 | +31,634 |
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SFRH7 | 883,940 | 851,528 | +32,412 |
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SFRM7 | 774,611 | 765,062 | +9,549 |
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SFRU7 | 822,232 | 820,380 | +1,852 |
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SFRZ7 | 838,433 | 842,026 | -3,593 |
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SFRH8 | 466,110 | 475,303 | -9,193 |
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SFRM8 | 404,216 | 416,657 | -12,441 |
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SFRU8 | 379,527 | 383,653 | -4,126 |
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SFRZ8 | 334,123 | 336,817 | -2,694 |
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SFRH9 | 201,156 | 207,285 | -6,129 |
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SFRM9 | 212,290 | 210,308 | +1,982 |
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US Data/Speaker Calendar (prior, estimate). All times ET
Source: Bloomberg, WH Press Pool, MNI
Treasuries continue to trade below resistance at the 113-02 level, an area of congestion since Nov 5. A clear breach of this hurdle would be a bullish signal and suggest scope for a climb towards 113-18+, the Oct 28 high. A break would also cancel a short-term bearish theme. For bears, attention is on 112-10+, the 100-DMA and 112-06, the Sep 25 low. Trendline support also lies at 112-06.
