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

BONDS: MNI Europe Pi (Positioning Indicator): Bund Longs Stand Out

- The last two weeks saw only subtle changes in European futures positioning.

The standout long remains in Bund (which flipped to long from flat after ECB

Pres Draghi's Jun 18 Sintra speech), though notably, several contracts saw longs

set last week and only one contract saw fresh shorts.

- As noted above, Bund position remains long. Overall positioning in Schatz,

Bobl and Buxl positioning remains flat. Longs were set across the German curve

last week with the notable exception of Schatz, which saw shorts set.

- Positioning in OATs remains flat, characteristic of most of the past year, but

we have seen a steady drift toward net long territory since late March.

- While remaining flat, Gilt structural positioning is slightly less short than

it was two weeks ago, with longs set last week.

- Structural longs remain in BTPs, which has been more or less the case since

March. Last week saw short covering. 

- For full analysis see: https://emedia.marketnews.com/MNI-PI-08072019.pdf