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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
/MNI Europe Pi (Positioning Indicator):.......>
BONDS: /MNI Europe Pi (Positioning Indicator): Short Setting Leaves OATs Alone:
- Lots of short setting last week, which was noteworthy for post-March highs in
European equities being set ahead of EU talks on the COVID recovery fund (also a
non-event ECB meeting). At this point, only one contract (OAT) retains long
structural positioning, vs three contracts a fortnight ago.
- GERMANY: Structural Schatz positioning has moved from long to flat in the last
two weeks. Apart from that, no changes for German futures, though we note
continued short setting in Bund and Buxl (already very short), with Bobl
positioning also short.
- OAT: Positioning has fallen back to flat, vs long for most of the 2nd half of
June. Shorts were set last week.
- GILT: Positioning has turned slightly more positive, to flat vs short in our
last update (this despite fresh shorts being set last week).
- BTP: Positioning continues to impress to the long side, with 'very long'
structural positioning since mid-July (easily longest among European futures).
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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.