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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): Bigger Shorts Post-ECB
MNI Europe Pi (Positioning Indicator): Bigger Shorts Post-ECB
EXECUTIVE SUMMARY:
- Shorts have built in European futures contracts going into year-end, led by Germany.
- The past week's trade - which has been punctuated by hawkish policy moves by the ECB and Bank of Japan - has pushed most of the space into structurally short positioning.
- Gilts are a notable exception.
Full PDF Analysis:
- GERMANY: In Germany, all four major contracts along the curve have structurally very short positioning. As of our previous update last week, Bobl was flat, and all of the contracts had been moving away from the more extreme short territory seen in late Oct/early Nov. Schatz and Buxl share the title of "most short" in Europe Pi. All contracts saw shorts set over the past week.
- OAT: Positioning is has shifted to very short from flat since our last update. Short setting was seen in the most recent week of trade.
- GILT: Positioning is flat, unchanged since our last update, and remains easily the closest European contract to net "long" territory, despite shorts set in the past week.
- BTP: Positioning has shifted to short from flat, with shorts set in the most recent week of trade.
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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