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MNI Europe Pi (Positioning Indicator): Easing Off Longs

The new year has not seen much adjustment in European futures structural positioning, leaving off pretty much where we left off before the holiday trading period. If anything recent moves have tended toward moves away from longs, with last week seeing longs reduced in Schatz and Gilt, and with shorts set in all other contracts (apart from BTP with longs set).

FOR FULL ANALYSIS CLICK HERE(or use following link):

MNIPi11Jan2021.pdf

  • GERMANY: Most positioning along the German curve is flat (Bobl, Bund and Buxl, each of which saw shorts set last week). The exception being Schatz with its long positioning (though longs reduced last week).
  • OAT: Structural positioning remains short where it has been for most of the past 3 months - further shorts were set last week.
  • GILT: Positioning has been long for the past couple of months, though we saw longs reduced last week.
  • BTP: Positioning is long, albeit not to the same degree as Nov/early Dec. That said, further longs were set last week.




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