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UPDATE 1-Speculative U.S. 10-year T-notes net longs fall -CFTC
May 5, 2017 / 8:37 PM / 4 months ago

UPDATE 1-Speculative U.S. 10-year T-notes net longs fall -CFTC

    * Speculative fed funds net shorts fall by record amount
    * Spec Eurodollar net shorts rise above 3 mln contracts

 (Add details on latest data)
    May 5 (Reuters) - Speculators' net bullish bets on U.S.
10-year Treasury note futures fell earlier this week from their
highest level in more than nine years, according to Commodity
Futures Trading Commission data released on Friday.
    The decline followed a government report a week ago that
showed the U.S. gross domestic product grew only 0.7 percent in
the first quarter, the weakest pace in three years.
    Earlier this week, U.S. Treasury Secretary Steve Mnuchin
said the government was considering the issuance of an
ultra-long bond. 
    The amount of speculators' bullish, or long, positions in
10-year Treasury futures exceeded bearish, or short, positions
by 179,870 contracts on May 2, according to the CFTC's latest
Commitments of Traders data.
    A week earlier, speculators held 214,642 net long positions
in 10-year T-note futures, which were the most since
March 4, 2008.
    By investor group, bond dealers reduced their net shorts in
10-year T-notes by 11,925 contracts, while leveraged funds
raised their net shorts by 35,733 contracts. Asset managers
trimmed their net longs in 10-year T-notes by 6,305 contracts.
    Meanwhile, speculators reduced their net shorts in federal
funds futures by a record 176,870 contracts to 37,386, which was
the lowest amount since Nov. 13.
    That drop contrasted with an increase in speculative net
shorts in Eurodollar futures to 3.075 million contracts on
Tuesday, CFTC data showed.
    These opposite moves in rates futures positions came prior
to the Federal Reserve's widely expected decision to leave
interest rates unchanged on Wednesday. 
    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) 
        May 2, 2017       Prior week
        week           
 Long         254,962        269,991
 Short        247,340        251,015
 Net            7,622         18,976
 
U.S. 5-year T-notes (Contracts of $100,000) 
        May 2, 2017       Prior week
        week           
 Long         565,373        585,619
 Short        666,714        649,444
 Net         -101,341        -63,825
 
U.S. 10-year T-notes (Contracts of $100,000) 
        May 2, 2017       Prior week
        week           
 Long         830,446        826,482
 Short        650,576        611,840
 Net          179,870        214,642
 
U.S. T-bonds (Contracts of $100,000) 
        May 2, 2017       Prior week
        week           
 Long         114,262        115,515
 Short        105,078         94,898
 Net            9,184         20,617
 
U.S. Ultra T-bonds (Contracts of $100,000) 
        May 2, 2017       Prior week
        week           
 Long          30,870         40,134
 Short        119,632        114,419
 Net          -88,762        -74,285
 Eurodollar (Contracts of $1,000,000) 
        May 2, 2017       Prior week
        week           
 Long         542,113        509,464
 Short      3,616,879      3,479,644
 Net       -3,074,766     -2,970,180
 Fed funds (Contracts of $1,000,000) 
        May 2, 2017       Prior week
        week           
 Long         162,034        138,564
 Short        199,420        352,820
 Net          -37,386       -214,256
 
 (Reporting by Richard Leong; Editing by Tom Brown)
  

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