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MNI Europe Pi (Positioning Indicator): Bigger Shorts Post-ECB

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We've just released our latest Europe Pi Positioning Indicator, emailed to clients and available in PDF.

  • 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.

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