Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
MNI Europe Pi (Positioning Indicator): Shorts Growing Again
MNI Europe Pi (Positioning Indicator): Shorts Growing Again
EXECUTIVE SUMMARY:
- With the key exception of BTPs, European bond futures have mostly turned back toward short territory, compared to our last biweekly update when it appeared contracts were edging away from extreme shorts.
- 4 of 7 contracts tracked by MNI are short or very short, with no longs, and last week saw widespread shorts set and longs reduced.
FULL PDF ANALYSIS:
- GERMANY: Shorts now dominate the German contracts, with all but Bund (flat) in short territory. This compares to our April 11 update in which 3 of 4 were flat (Buxl was short). Last week saw shorts set with the exception of Buxl which saw longs reduced.
- OAT: Structural positioning remains flat, where it has hovered for most of the past three months. Last week saw shorts set.
- Gilt: Structural positioning has moved out of the short positioning seen in our last update, but barely so and is flat overall. Last week saw longs reduced.
- BTP: Structural positioning remains very short, though in the past 10 days or so has moved away from the shortest readings in years. Last week saw shorts set.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok