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MNI Europe Pi (Positioning Indicator): Buxl From Long To Short

MNI Europe Pi (Positioning Indicator): Buxl From Long To Short

MNI Europe Pi (Positioning Indicator): Buxl From Long To Short

EXECUTIVE SUMMARY:

  • Most European bond futures contracts are edging away from extreme short territory, but 3 of 7 tracked by MNI remain short or very short, and Buxl has gone from a structural long to a structural short.
  • Last week saw shorts set across the board, with Schatz, Bobl, OAT and BTP seeing notable pickups in open interest since our last update on March 28.

FULL PDF ANALYSIS:

MNIPi11Apr2022-2.pdf

  • GERMANY: Schatz and Bobl have moved to flat from short since our last update. Buxl has shifted from the only long in the European FI space, to short. Bund remains flat.
  • OAT saw a brief uptick into long territory at the start of April with a rise in OI and rising prices over a few sessions, but levelled off back to flat pre-presidential election 1st round.
  • Gilt structural positioning remains short, though it briefly dipped into very short territory in late March.
  • BTP positioning remains very short and indeed remains around the shortest levels in years.

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