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

BONDS
BONDS: MNI Europe Pi (Positioning Indicator): Schatz Shorts
- There was a move in recent weeks toward structural shorts in Schatz, while OAT
longs have begun to re-emerge. Broadly speaking EGB / Gilt positioning otherwise
remained flat-to-long ahead of the key July 25 ECB decision, with open interest
in most contracts having peaked at least 2 weeks ago.
- GERMANY: A sharp drop in Schatz OI (-0.9%, the 9th decline in 10 sessions)
alongside rising prices on Friday - indicative of short covering - was not
enough to keep structural positioning from going short over the past 2 weeks.
Meanwhile, Bobl and Buxl positioning remains flat, and Bunds remains long.
- OAT: Longs have begun to re-emerge, having been flat most of the past year.
The trend since March has been toward new longs, including last week.
- GILT: While remaining flat, Gilt structural positioning is a little less short
than it was two weeks ago. Last week saw short covering.
- BTP: Structural longs remain in BTPs, which has been more or less the case
since March. Last week saw short covering.
- For full analysis see: https://emedia.marketnews.com/MNI-PI22072019.pdf

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