Free Trial
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.
MNI Europe Pi (Positioning Indicator): BTP Shorts Return
MNI Europe Pi (Positioning Indicator): BTP Shorts Return
EXECUTIVE SUMMARY:
- Since our last update in mid-July, BTP positioning has moved increasingly short.
- There has also been a shift toward shorts in the German front-end vs longs further down the curve.
Full PDF Analysis:
- GERMANY: Positioning in the German curve increasingly points in a flattening direction. Schatz and Bobl remain in short territory (Schatz had been "very short" in our last update). But conversely, Bund and Buxl positioning is long (Buxl had previously been long, Bund was already long). Last week saw longs reduced in each contract, with Buxl (short setting) the exception.
- OAT: Positioning remains flat for the second consecutive update. Last week saw a reduction in longs.
- GILT: Positioning remains short, where it has been since mid-June. Last week saw further shorts set.
- BTP: Structural positioning has moved from flat (where it had been from mid-June to late July) to back to short. Some short covering was seen last week though.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok