US: Senate GOP Presser On 'OBBB' At US-Mexico Border Underway Shortly
Senate Majority Leader John Thune (R-SD), along with a delegation of Republican senators, is shortly...
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SONIA: Net Short Cover Dominated In Front End Of Futures Strip On Tuesday
OI data points to net short cover in 11 of the front 12 contracts during Tuesday’s uptick in SONIA futures, before net long setting came to the fore in blues.
- A reminder that net long cover dominated during Monday’s move lower in futures.
- Further hawkish repricing in the EUR short end has provided fresh spillover selling pressure today.
| 09-Dec-25 | 08-Dec-25 | Daily OI Change |
| Daily OI Change In Packs |
SFIU5 | 457,844 | 458,064 | -220 | Whites | -4,597 |
SFIZ5 | 445,521 | 440,648 | +4,873 | Reds | -22,053 |
SFIH6 | 374,999 | 378,531 | -3,532 | Greens | -16,644 |
SFIM6 | 388,178 | 393,896 | -5,718 | Blues | +3,641 |
SFIU6 | 362,154 | 369,687 | -7,533 |
|
|
SFIZ6 | 543,484 | 548,759 | -5,275 |
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SFIH7 | 312,427 | 317,019 | -4,592 |
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SFIM7 | 232,663 | 237,316 | -4,653 |
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SFIU7 | 159,888 | 161,603 | -1,715 |
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SFIZ7 | 141,481 | 149,074 | -7,593 |
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SFIH8 | 81,904 | 85,743 | -3,839 |
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SFIM8 | 66,914 | 70,411 | -3,497 |
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SFIU8 | 57,704 | 55,825 | +1,879 |
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SFIZ8 | 33,883 | 33,880 | +3 |
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SFIH9 | 18,988 | 18,813 | +175 |
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SFIM9 | 25,800 | 24,216 | +1,584 |
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US TSYS: Post-BOC React
- Treasury futures reverse course to mildly higher after the BOC holds rate steady, no significant deviations from expectations. "If inflation and economic activity evolve broadly in line with the October projection, Governing Council sees the current policy rate at about the right level to keep inflation close to 2%."
- Currently steady (TYH6) to mildly higher - near early overnight highs: TYH6 trades steady at 112-03 on moderate volumes (617k), curves mixed: 2s10s +.658 at 57.558, 5s30s -.550 at 101.229.
- Focus turns to this afternoon's FOMC & forward projections at 1400ET, Chairman Powell presser at 1430ET. Inter-meeting communications reinforced that the FOMC is finely split between those who would ease further and those who are resistant - if not outright opposed - to providing further accommodation.
EGB OPTIONS: Bund Weekly Option
RX (Week 2) 124.50p, bought for 1 in 3.5k.
