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... Gilts Enter Long Territory As OAT Shorts Grow (2/2)

BONDS

As for the non-German contracts:

  • Gilts stand apart in MNI Europe Pi with a move into long territory in the past couple of weeks (though some long reduction was evident last week). This contrasts with the contract's short territory status through most of June.
  • OAT has entered "very short" structural positioning, vs merely short in our previous update. Further shorts were set last week.
  • BTP structural positioning remains flat - basically unchanged in the months since a short period in "long" territory in May. Trade last week was indicative of short cover.

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