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MNI Europe Pi (Positioning Indicator): A Long Summer

MNI Europe Pi (Positioning Indicator): A Long Summer

Positive price action across the European FI space has come alongside increasingly long structural positioning in most futures contracts. Last week saw longs set nearly across the board. German Buxl and BTP stand out in terms of degree of long positioning.



  • GERMANY: Structural positioning in German contracts is split between fairly flat at the short-end and long at the long-end. Schatz positioning is flat (unchanged for the past couple of months), as is Bobl (vs long a few weeks ago). But Bund positioning has remained long for a few weeks, while Buxl is ""very long"" (longest since Sept. 2020). All contracts saw longs set last week."
  • OAT: Positioning has edged increasingly long since mid-June. Last week saw short cover (making OAT the only contract not to see longs set).
  • GILT: Positioning has hovered between short and flat for most of 2021. With longs set last week, structural positioning is currently flat.
  • BTP: IKs are a long way from the short positioning seen in late May, remaining very long for the entirety of July. Further longs were set last week.

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