Offsides Macro
· Offsides Macro
· June 23, 2026 at 01:49
· ⏱ 1 min read
| Read on Substack ↗
Summary
The newsletter argues that current positioning data reveals meaningful dispersion across equity indexes, a flattener bias in rates, and extreme consensus overweight in USD (largest DXY net-buying flows in 18 months), while gold and silver show upward positioning momentum. This suggests tactical pair-trade opportunities in equities and continued USD strength into quarter-end, with rates markets pricing a flattening move.
•DXY contract net-buying flows were the largest in the past 18 months, indicating extreme consensus USD overweight.
•Equities show continued positioning dispersion across indexes, which the author flags as setting up pair trade opportunities.
•Rate positioning is largely unchanged and continues to suggest a flattener trade.
•Gold and silver positioning increased week-over-week, displaying upward momentum.