September 6, 2019 / 8:10 PM / 9 days ago

UPDATE 1-Speculative Eurodollar net longs hit record high - CFTC

 (Adds details on latest data, background)
    Sept 6 (Reuters) - Speculators raised their bets that U.S.
interest rates will fall to an all-time peak earlier this week,
amid signs of a softening global economy and U.S.-China trade
tensions, Commodity Futures Trading Commission data released on
Friday showed.
    The amount of speculators' bullish, or long, positions in
CME Eurodollar rates futures exceeded their bearish, or short,
positions by 2.331 million contracts on Sept. 3, according to
the CFTC's latest Commitments of Traders figures.
    A week earlier, speculators held 2.127 million in net long
positions in Eurodollar contracts.
    The interest rates market implies traders are positioning
for the Federal Reserve to reduce key lending rates two more
times by year-end. They would follow one in July, the Fed's
first rate decrease since 2008.
    Fed policy-makers are scheduled to meet on Sept. 17-18.  
    Among Treasury futures, speculative net short positions in
10-year T-notes rose to 377,867 contracts from 309,904 a week
earlier, according to the CFTC's latest Commitments of Traders
data.
    On Tuesday, benchmark U.S. 10-year yields fell
to three-year lows due to news the domestic factory sector
contracted for the first time since 2016 in August.
    Speculators also dialed back their net shorts in two-year
T-notes for a second week to 173,197 contracts, the lowest
amount since the week of June 18.
    They increased their net shorts in five-year T-notes to
132,444 contracts, the most since the week of June 4. 
    Below 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) 
        03 Sep 2019       Prior week
        week           
 Long         936,929        848,973
 Short      1,110,126      1,120,035
 Net         -173,197       -271,062
 
U.S. 5-year T-notes (Contracts of $100,000) 
        03 Sep 2019       Prior week
        week           
 Long         742,815        763,791
 Short        875,259        868,959
 Net         -132,444       -105,168
 
U.S. 10-year T-notes (Contracts of $100,000) 
        03 Sep 2019       Prior week
        week           
 Long         587,813        603,950
 Short        965,680        913,854
 Net         -377,867       -309,904
 
U.S. T-bonds (Contracts of $100,000) 
        03 Sep 2019       Prior week
        week           
 Long         133,023        132,449
 Short        200,266        183,580
 Net          -67,243        -51,131
 
U.S. Ultra T-bonds (Contracts of $100,000) 
        03 Sep 2019       Prior week
        week           
 Long         108,685        105,825
 Short        414,287        409,451
 Net         -305,602       -303,626
 Eurodollar (Contracts of $1,000,000) 
        03 Sep 2019       Prior week
        week           
 Long       3,414,545      3,338,921
 Short      1,083,116      1,211,569
 Net        2,331,429      2,127,352
 Fed funds (Contracts of $1,000,000) 
        03 Sep 2019       Prior week
        week           
 Long         288,543        363,191
 Short        305,213        408,782
 Net          -16,670        -45,591
 
 (Reporting by Richard Leong; editing by Jonathan Oatis)
  
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