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MNI Europe Pi (Positioning Indicator): BTP....>

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BONDS: MNI Europe Pi (Positioning Indicator): BTP Longs, Gilt Shorts Emerging
- After a few notable shifts since our last update 2 weeks ago, structural
futures positioning across Gilts and most EGBs is flat, though last week saw
shorts set in Gilts and longs set in BTPs.
- While Bund positioning remains flat, it joins Bobl and Buxl as having shorts
set last week. Despite short cover last week, Schatz positioning has gone from
flat to long. Bobl has gone from short to flat.
- Interestingly, Buxl has gone flat from long. But we discount this reading: a
surge in OI two weeks ago looks to have been impacted by a one-off relative
value trade, and removing its impact keeps the structural position at long.
- OAT longs were reduced last week, keeping overall positioning flat.
- Gilt positioning has gone from flat, to long, back to flat in the past 2
weeks. A surge in OI last week (up 9%) and falling prices suggest shorts set.
- While BTP structural positions remain flat (indeed positioning has not been
positive since July), last week saw longs set.
- For complete report see email or visit https://tinyurl.com/MNI-PI-06112018

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