May 3, 2019 / 8:33 PM / 23 days ago

UPDATE 1-Speculative net Eurodollar longs hit 3-1/2-year peak -CFTC

 (Adds background, details on latest data)
    May 3 (Reuters) - Speculators increased their bullish
positions in Eurodollar futures to the highest in over 3-1/2
years while net bearish bets on U.S. 10-year Treasury note
futures fell in the latest week, ahead of the Federal Reserve's
interest rate decision and the release of the U.S. April
payrolls report, according to Commodity Futures Trading
Commission (CFTC) data on Friday.
    The amount of speculators' bullish, or long, positions in
Eurodollars exceeded bearish, or short, positions by 302,210
contracts on April 30, according to the CFTC's latest
Commitments of Traders data.
    This was the highest level of Eurodollar net longs among
speculators since the 377,030 on Nov. 1, 2015.
    On Wednesday, the U.S. central bank, as expected, left its
target range on key lending rates at 2.25%-2.50% after a two-day
policy meeting.
    Fed Chairman Jerome Powell said at a press conference
policy-makers did not see a strong case for a rate hike or a
rate cut right now.
    On Friday, the government's April jobs report showed a
stronger-than-forecast 263,000 increase in payrolls last month
with the jobless rate falling to a near 49-1/2 year low of 3.6%.

    Interest rates futures initially sold off in reaction to
upbeat headline jobs figure, but they recovered as traders
focused on the month's mild wage increase and the drop in worker
participation as signs the labor market is not firing on all
cylinders.
    Among Treasury futures, rate cut bets likely led speculators
to scale back their net shorts in two-year T-note contracts to
47,497 contracts on Tuesday. This was the fewest net shorts
 since July 17, 2018.
    Speculative net bearish bets on U.S. 10-year Treasury note
futures fell to 287,921 contracts from 323,791 a week earlier,
according to the CFTC's latest Commitments of Traders data
.
    The following is a table of the speculative positions in
Treasury futures on the Chicago Board of Trade and in Eurodollar
futures on the Chicago Mercantile Exchange in the latest week:
    
 U.S. 2-year T-notes (Contracts of $200,000) 
        April 30, 2019     Prior week
        week            
 Long        1,104,459        938,097
 Short       1,151,956      1,068,943
 Net           -47,497       -130,846
 
U.S. 5-year T-notes (Contracts of $100,000) 
        April 30, 2019     Prior week
        week            
 Long          885,752        860,858
 Short         992,628        907,680
 Net          -106,876        -46,822
 
U.S. 10-year T-notes (Contracts of $100,000) 
        April 30, 2019     Prior week
        week            
 Long          589,086        585,339
 Short         877,007        909,130
 Net          -287,921       -323,791
 
U.S. T-bonds (Contracts of $100,000) 
        April 30, 2019     Prior week
        week            
 Long          139,904        146,257
 Short         177,975        186,302
 Net           -38,071        -40,045
 
U.S. Ultra T-bonds (Contracts of $100,000) 
        April 30, 2019     Prior week
        week            
 Long           98,362         99,818
 Short         422,242        422,649
 Net          -323,880       -322,831
 Eurodollar (Contracts of $1,000,000) 
        April 30, 2019     Prior week
        week            
 Long        1,709,971      1,492,677
 Short       1,407,761      1,450,443
 Net           302,210         42,234
 Fed funds (Contracts of $1,000,000) 
        April 30, 2019     Prior week
        week            
 Long          210,294        155,924
 Short         432,331        356,008
 Net          -222,037       -200,084
 
 (Reporting by Richard Leong, editing by G Crosse)
  
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