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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.
MNI Europe Pi (Positioning Indicator): BTP Longs Evaporate
EXECUTIVE SUMMARY:
- 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.
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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