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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): BTP And Buxl Diverge
MNI Europe Pi (Positioning Indicator): BTP And Buxl Diverge
EXECUTIVE SUMMARY:
- Our first update since the Mar-Jun contract roll shows BTP positioning heading deeper into "short" territory, with long-end German contracts moving steadily away from "flat" toward "long" territory.
- Overall though, positioning remains broadly flat/short across the space, with shorts set and longs reduced in the last week.
FULL PDF ANALYSIS:
- GERMANY: Positioning shifts have been mixed over the past 3 weeks. After briefly entering "short" territory in February, Bund and Buxl are now flat. Bobl remains very short, while Schatz has moved from short to very short. Three of four contracts saw shorts set in the past week; in the exception, Buxl saw longs reduced.
- OAT: Positioning has returned to flat, versus the structural shorts seen in mid-February. The past week saw longs reduced.
- GILT: Structural positioning remains flat, which has been the case for a couple of months. Longs were reduced in the past week.
- BTP: Positioning - already very short - headed even deeper into short territory (the latest down-leg coinciding with the ECB decision last week). Longs were reduced 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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