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

BONDS
BONDS: MNI Europe Pi (Positioning Indicator): BTP Longs At Extremes
- BTPs stand out for their extreme long structural positioning in our latest
update (April 16), with few changes seen elsewhere in futures positioning since
April 12.
- German futures have been relatively steady over the past month, with overall
positioning unchanged.
- Schatz positioning remains flat, with longs set last week. Bobl positioning
remains long, with more longs set last week.
- Bund and Buxl both remain flat, with both seeing short cover last week.
- OAT structural positioning has remained flat since early February, with short
cover seen last week.
- Gilt shorts have been reduced over the past two weeks, with positioning now
flat. Notably, last week saw some short covering.
- BTP structural positioning has moved higher from long since mid-March to very
long - indeed, these are the most extreme longs in at least a year.
- For full analysis see: https://emedia.marketnews.com/MNI-PI-29042019.pdf

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