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Analysts at BAML argue that there are other...>

BONDS
BONDS: Analysts at BAML argue that there are other ways to measure rate market
positioning other than by using positioning data. They look at market reactions
to the economic data, pointing that outsized reactions in one direction would
hint at the market's positioning.
- With this approach, they write "Our data shows that rates markets are
increasingly sensitive to negative economic data releases. This is true for EUR
rates and to a lesser extent for USD rates".
- Specifically, they find that "in July, the average price move after a negative
data surprise was over 10 times the move following a positive surprise"
- They surmise that the market is more short Bunds than Treasuries. 

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