February 8, 2019 / 9:10 PM / 4 months ago

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

    * Eurodollar net shorts fall to lowest since September 2017
    * Fed funds net shorts rise to highest since February 2018

 (Adds details on latest data)
    Feb 8 (Reuters) - Speculators' net bearish bets on U.S.
10-year Treasury note futures fell to a nearly one-year low in
early January as investors piled into safe-haven government debt
due to economic growth worries, according to Commodity Futures
Trading Commission data released on Friday.
    The amount of speculators' bearish, or short, positions in
10-year Treasury futures exceeded bullish, or long, positions by
188,068 contracts on Jan. 8, according to the CFTC's latest
Commitments of Traders data. This was the smallest
amount of net shorts in 10-year T-notes since Jan. 23, 2018.
    A week earlier, speculators held 308,287 net short positions
in 10-year T-note futures.
    On Jan. 4, benchmark 10-year Treasury yields
touched 2.543 percent, the lowest in almost a year, before
rebounding after a blockbuster December payrolls report. In late
Friday trading, 10-year yields were 2.634 percent, down 2 basis
points from Thursday. 
    The trade conflict between China and the United States, and
signs of flagging growth in China and Europe have limited the
rise in U.S. yields.
    Moreover, traders in recent weeks have begun to put on bets
the U.S. central bank might either not raise interest rates at
all in 2019 or even cut rates at year-end.
    Speculative net shorts in Eurodollar futures fell to 1.601
million contracts on Jan. 8, the lowest since Sept 24, 2017.

    On the other hand, speculators increased their net shorts in
federal funds futures to 116,406 contracts, the highest since
Feb. 11, 2018.
    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) 
        Jan 8 2019        Prior week
        week           
 Long         448,937        529,587
 Short        757,870        765,438
 Net         -308,933       -235,851
 
U.S. 5-year T-notes (Contracts of $100,000) 
        Jan 8 2019        Prior week
        week           
 Long         698,352        727,947
 Short        988,706      1,059,177
 Net         -290,354       -331,230
 
U.S. 10-year T-notes (Contracts of $100,000) 
        Jan 8 2019        Prior week
        week           
 Long         650,789        606,682
 Short        838,857        914,969
 Net         -188,068       -308,287
 
U.S. T-bonds (Contracts of $100,000) 
        Jan 8 2019        Prior week
        week           
 Long         113,394        115,599
 Short        144,046        142,112
 Net          -30,652        -26,513
 
U.S. Ultra T-bonds (Contracts of $100,000) 
        Jan 8 2019        Prior week
        week           
 Long          93,348         90,268
 Short        356,053        350,639
 Net         -262,705       -260,371
 Eurodollar (Contracts of $1,000,000) 
        Jan 8 2019        Prior week
        week           
 Long         963,735        885,984
 Short      2,564,235      2,840,405
 Net       -1,600,500     -1,954,421
 Fed funds (Contracts of $1,000,000) 
        Jan 8 2019        Prior week
        week           
 Long         280,250        340,937
 Short        396,656        397,581
 Net         -116,406        -56,644
 
 (Reporting by Richard Leong
Editing by James Dalgleish)
  
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