May 9, 2014 / 9:12 PM / 3 years ago

UPDATE 1-Record speculative net Eurodollar shorts in week -CFTC

* Speculative net shorts in Eurodollar hit record for 2nd
week
    * Speculators raise long bets in long-dated T-bond futures

 (Updates with details from latest data, adds analyst comments)
    May 9 (Reuters) - Speculators' net bearish bets in
Eurodollar futures rose to a  record high in the latest week
following an unexpectedly strong reading on U.S. payrolls in
April, according to Commodity Futures Trading Commission data
released on Friday.
    In the meantime, speculators raised their bullish positions
in long-dated Treasury futures as demand for these securities
has been supported by safety bids due to worries about ongoing
fighting in Ukraine.
    Speculators' net short bets on Eurodollar futures grew to a
record 1.56 million contracts on Tuesday from 1.37 million a
week earlier, according to the CFTC's latest Commitments of
Traders data. 
    "Net shorts in the Eurodollar space hit a second consecutive
record high amid a substantial ramp-up in open interest,
suggesting that the market continues to position for interest
rate hikes," TD Securities' interest rates strategist Gennadiy
Goldberg wrote in a report on the latest data.
    Meanwhile, the amount of speculators' bullish, or long,
positions in 30-year Treasury futures exceeded bearish, or
short, positions by 35,677 contracts on May 6, according to the
CFTC's data.
    A week earlier, speculators held 32,209 net long positions
in 30-year T-note futures.
    Speculative net longs in CBOT ultra bond futures grew to
8,238 contracts in the latest week, up from 3,353.
    The rise in net longs in T-bonds and ultra bond futures was
consistent with the week's drop in long-dated yields
. It also helped to explain a weak $16 billion
auction of a new 30-year bond issue on Thursday, "as speculative
positioning strayed too far in one direction," Goldberg wrote. 
    Below is a table of the speculative positions in Treasury
futures on the Chicago Board of Trade in the latest week:
 U.S. 2-year T-notes (Contracts of $200,000) 
        06May2014         Prior week
        week           
 Long         200,364        193,466
 Short        214,713        220,619
 Net          -14,349        -27,153
 
U.S. 5-year T-notes (Contracts of $100,000) 
        06May2014         Prior week
        week           
 Long         226,496        251,405
 Short        359,778        376,437
 Net         -133,282       -125,032
 
U.S. 10-year T-notes (Contracts of $100,000) 
        06May2014         Prior week
        week           
 Long         340,698        332,918
 Short        470,107        447,343
 Net         -129,409       -114,425
 
U.S. T-bonds (Contracts of $100,000) 
        06May2014         Prior week
        week           
 Long         105,001        102,186
 Short         69,324         69,977
 Net           35,677         32,209
 
U.S. Ultra T-bonds (Contracts of $100,000) 
        06May2014         Prior week
        week           
 Long          56,194         51,663
 Short         47,956         48,310
 Net            8,238          3,353
 
 (Reporting by Richard Leong; editing by Chris Reese and Matthew
Lewis)

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