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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): Central Bank Shakeup
MNI Europe Pi (Positioning Indicator): Central Bank Shakeup
EXECUTIVE SUMMARY:
- Going into the ECB and BoE meetings at the start of Feb, European bond futures positioning was mostly flat. But Feb 2-3 saw a surge in volumes across European contracts.
- Gilt Open Interest jumped 7.8% on Feb 2 (the highest in a single day in the past year, outside the quarterly rolling period), while a pullback in OI met a surge in contract price for BTPs, suggesting short cover.
Full PDF Analysis:
- GERMANY: Schatz remains the "most short" contract structurally in Europe but it has been joined by Bobl which has moved back to very short from flat prior. Bund and Buxl are structurally flat, meanwhile. 3 of the 4 contracts saw longs reduced last week, with Bobl (short setting) the exception.
- OAT: Positioning has fluctuated from short to (briefly) long to flat this year, and is currently flat. Longs were reduced in the most recent week.
- GILT: The surge in OI and prices early in the month saw structural Gilt positioning move from flat to very long, though longs were reduced last week.
- BTP: Structural positioning has moved to flat from very short, amid apparent short covering around the ECB meeting. 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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