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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): Big BTP Shorts
EXECUTIVE SUMMARY:
Short-setting has continued apace across European bond contracts amid very negative price action to begin the year - there are two "very short" structural positions, including the shortest BTP positioning in at least three years.
FULL PDF ANALYSIS:
- GERMANY: Schatz remains the stand-out among German futures as the only contract in ""flat"" territory. Bobl, Bund and Buxl remain in structurally short territory, with Bobl extending into ""very short"" positioning. Bobl and Buxl saw further shorts set last week, while Schatz saw short cover and Bund longs reduced."
- OAT: Positioning remains unchanged at flat, with more stability evident compared with other EGB contracts. Longs were reduced last week.
- GILT: Structural positioning remains flat as well, with longs reduced last week.
- BTP: Structural positioning has moved to the shortest levels since at least end-2018, with a jump in OI combined with negative price action. More shorts were set 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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