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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): Gilt Shorts Grow
MNI Europe Pi (Positioning Indicator): Gilt Shorts Grow
EXECUTIVE SUMMARY:
- Rising volatility in European FI markets has come alongside subtle shifts in futures positioning.
- While German contracts are mostly moving away from "short" territory, Gilt shorts are growing.
- Open interest has mostly risen since our last update on Mar 14 (Buxl excepted).
FULL PDF ANALYSIS:
- GERMANY: Both Schatz and Bobl have pulled back to short, vs very short previously; Buxl has become the only long in the European FI space (and basically the only long of any contract in 2022). Bund however remains flat. Each of those contracts saw shorts set in the most recent week, with the exception of Buxl (longs reduced).
- OAT: Positioning has remained steady at flat for most of March, versus structural shorts as recently as mid-February. The past week saw shorts set.
- GILT: Structural positioning is currently short, vs flat in our previous update (and where it has been since late Jan). The past week saw shorts set.
- BTP: Positioning has moved slightly off the shortest levels in years, though structurally remains very short. Further shorts were set last week.
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.
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