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MNI Europe Pi (Positioning Indicator):........>

BONDS
BONDS: MNI Europe Pi (Positioning Indicator): Short Schatz, Long Bunds: 
- The main shift in European bond futures positioning since our update on Feb 19
is in Germany, where Bunds have moved longer and Schatz have moved shorter.
- Compared with a week ago, there has been a shift in German curve positioning,
with Schatz going from flat to short, further carrying on its move lower from
longs seen earlier in February. This has been mirrored by a move in Bund
positioning from flat to very long. 
- Bobl and Buxl structural positioning remains long (the latter which has been
the case for most of 2019 so far).
- Little movement seen in OAT structural positioning, which remains flat despite
longs set last week, and well off longs seen in late January.
- BTP structural positioning has moved a little flatter with longs reduced last
week, but remains flat overall.
- While our indicator suggests Gilt positioning has moved flat from very long in
the past week, this is due to heavy roll volumes distorting the reading.
- For full analysis see https://emedia.marketnews.com/MNI-PI-26022019.pdf
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