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Since last month's roll, most European bond futures contracts have moved from extremes toward "flat" territory.
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- Since the Sep-Dec roll a month ago, most European bond futures contracts have moved from extremes toward "flat" territory (comprising 4 of 7 contracts), and only one structural "long".
- Last week's positioning was mixed, with both longs and shorts set, and some longs reduced.
FULL PDF ANALYSIS:
- GERMANY: Structural positioning across the German space is mixed. At the short-end/belly are Schatz and Bobl, both of which are structurally flat (though longs were set last week). However, Bund holds the shortest positioning in our Europe Pi, and Buxl the longest.
- OAT: Positioning has moved away from short territory in late August, to flat currently. Shorts were set last week.
- GILT: Positioning has moved to modestly short, despite a brief uptick into modest long territory in September. Shorts were set last week.
- BTP: Structural positioning has come well off the longs of most of the previous 5 months, to flat currently. Last week saw some longs reduced.