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JGB TECHS

(U1) Tilted Higher

AUSSIE 10-YEAR TECHS

(U1) Uptrend Weakening

US TSYS SUMMARY

Bullard Kickstarts Reflation Unwind Theme

AUDUSD TECHS

Fresh 2021 Lows

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A quick update to our Europe Pi (positioning) matrix: while most futures contracts are structurally flat (incl Buxl, OAT, BTP and Gilt), shorts in Schatz, Bobl. and Bund (which is "very short") stand out.

  • That's been the trend for those short/mid-dated German contracts since mid-September, with prices falling as open interest has risen indicating short positions rising.
  • Data goes to May 5; May 6 open interest data is only released after midday UK time on May 7, but we thought this could be timely well ahead of US nonfarm payrolls.



MNI Pi