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.
There has been surprisingly little change in structural positioning across EGB/Gilt futures contracts since our last biweekly update on June 22, despite a broad-based increase in open interest (BTPs being the exception).
GERMANY: Very little change in German structural positioning: the most notable is for Bobl which has turned short from flat previously. Schatz positioning remains long, and Bund and Buxl remain very short. All four German contracts saw a 2-4% increase in OI since Jun 22, and all saw shorts set last week.
OAT: Positioning has been pared to back to merely long (previously 'very long'), with longs reduced last week.
GILTS: Positioning remains short, where it has been for most of the past month. Shorts were set last week.
BTP: Positioning has been moving longer since late April, and is now very long (vs merely 'long' previously). Despite a slight dip in OI since Jun 22, further longs were set last week.
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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.