June 14, 2019 / 8:17 PM / 3 months ago

UPDATE 1-Speculative U.S. 10-year T-note net shorts fall to one-month low -CFTC

    * Speculative Eurodollar net longs highest since Sept 2012
    * Speculators turn most long on T-bonds since April 2018

 (Adds background, details on latest data)
    June 14 (Reuters) - Speculators' net bearish bets on U.S.
10-year Treasury note futures fell to a one-month low earlier
this week ahead of $78 billion in coupon-bearing debt supply,
according to Commodity Futures Trading Commission data released
on Friday.
    Speculators' bearish, or short, positions in 10-year
Treasury futures exceeded bullish, or long, positions by 365,988
contracts on June 11, according to the CFTC's latest Commitments
of Traders data.
    A week earlier, speculators held 467,702 net short positions
in 10-year T-note futures, which was a near seven-month peak
.
    Speculators had scaled back their bearish bets on 10-year,
T-bond and ultra-bond futures as the bond market rallied after
the government's payrolls report released a week ago showed a
sharp deceleration of jobs growth.
    A week ago, U.S. 10-year yields touched 2.053%,
the lowest level since September 2017.
    Speculators turned net long on T-bonds futures at 18,189
contracts on Tuesday, their most bullish positioning since April
of last year.
    Fears of a labor market wobbling, along with lingering
worries about trade tensions between the United States and its
some trading partners, spurred more bets the Federal Reserve
would begin lowering interest rates later this year.
    Speculative net longs in Eurodollar rates futures rose to
1.105 million contracts, marking the highest level since Sept.
2012.
    Interest rates futures implied traders expect the U.S.
central bank may lower short-term rates by 75 basis points by
year-end.
    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) 
        11 Jun 2019       Prior week
        week           
 Long         993,218      1,036,550
 Short      1,168,832      1,082,608
 Net         -175,614        -46,058
 
U.S. 5-year T-notes (Contracts of $100,000) 
        11 Jun 2019       Prior week
        week           
 Long         819,482        810,782
 Short        881,212        974,866
 Net          -61,730       -164,084
 
U.S. 10-year T-notes (Contracts of $100,000) 
        11 Jun 2019       Prior week
        week           
 Long         643,501        613,273
 Short      1,009,489      1,080,975
 Net         -365,988       -467,702
 
U.S. T-bonds (Contracts of $100,000) 
        11 Jun 2019       Prior week
        week           
 Long         184,502        166,027
 Short        166,313        175,539
 Net           18,189         -9,512
 
U.S. Ultra T-bonds (Contracts of $100,000) 
        11 Jun 2019       Prior week
        week           
 Long          87,403         79,526
 Short        387,529        399,120
 Net         -300,126       -319,594
 Eurodollar (Contracts of $1,000,000) 
        11 Jun 2019       Prior week
        week           
 Long       2,232,194      2,183,500
 Short      1,127,358      1,216,519
 Net        1,104,836        966,981
 Fed funds (Contracts of $1,000,000) 
        11 Jun 2019       Prior week
        week           
 Long         338,309        310,011
 Short        457,102        477,396
 Net         -118,793       -167,385
 
    
 (Reporting by Richard Leong
Editing by Tom Brown and Leslie Adler)
  
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