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

BONDS
BONDS: MNI Europe Pi (Positioning Indicator): Draghi Boosts Bund Longs
- Structural long positioning in Bunds headlines our latest positioning update.
The roll completion ahead of June 6 (for M9/U9) may distort our readings
slightly, but it is no coincidence that Bund long positioning shot higher on Jun
18, when ECB Pres Draghi hinted at potential future easing. 
- Last week also saw short covering across the EGB space, as global monetary
easing prospects may have spurred bond bears to throw in the towel.
- Schatz, Bobl and Buxl positioning is flat, with Buxl shorts pared back. Schatz
longs pre-Draghi have notably evaporated alongside the rise in Bund longs.
- BTP structural positioning has edged off extreme longs but remains long.
Post-Draghi trading saw three days of longs liquidated (OI and price down). 
- OAT positioning has been flat most of the year, and our latest reading is no
exception (despite structural longs appearing during the roll period.
- Gilt positioning is now flat, compared with slightly long positioning at the
beginning of last week, with some longs reduced overall last week.
- For full analysis see: https://emedia.marketnews.com/MNI-PI-06024019.pdf
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