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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): Almost All Short
MNI Europe Pi (Positioning Indicator): Almost All Short
EXECUTIVE SUMMARY:
- Structural shorts have continued to grow for most European FI contracts, with all but Gilt now in short territory.
- Most contracts saw shorts set last week.
- Interestingly, BTP has bucked the trend, finally exiting "very short"" territory for the first time since early February.
FULL PDF ANALYSIS:
- GERMANY: Three of the four German contracts are now in short structural positioning - the exception being Schatz which is very short (and the shortest among European FI contracts tracked by MNI). Bund had been the remaining holdout among German contracts, at flat in our previous biweekly update, but has now moved to short positioning. All German contracts saw short-setting last week.
- OAT: Structural positioning has moved to short after remaining mostly in flat territory for the prior three months. Last week saw longs reduced.
- GILT: Structural positioning remains flat (where it was in our last biweekly update), but is edging toward net long territory. Last week saw shorts set.
- BTP: structural positioning has moved decisively away from the shortest levels in years (where it hovered for 3 months), and is now merely short. Longs were reduced last week.
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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