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German Positioning Goes From Flat To Mixed (1/2)

BONDS

Per today's MNI Pi update (PDF here): there have been shifts compared with our Dec 15 Europe Pi update, when three of the four German contracts were in flat structural positioning.

  • Schatz and Bund are both in long structural positioning (Bund has retraced from "very long" previously), with Bobl showing the only short positioning in Europe Pi.
  • Buxl remains flat where it has been for much of H2 2023.
  • The most recent week saw shorts set in Bobl/Buxl, short cover in Schatz, and Bund longs reduced.

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