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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): Extreme Shorts Fade
MNI Europe Pi (Positioning Indicator): Extreme Shorts Fade
EXECUTIVE SUMMARY:
- European futures contracts have moved slightly away from the extreme shorts reached in mid-December amid hawkish policy shifts by the ECB and BoJ.
- The latest week's trade has seen a combination of short cover and long-setting for the most part, though there is some evidence of short-setting as well in Buxl and Gilt.
Full PDF Analysis:
- GERMANY: In Germany, three of the four contracts remain in structurally very short positioning, with Bund moving from very short to merely short. Schatz and Buxl continue to share the title of "most short" in Europe Pi. There was mixed trade in the most recent week, with short cover in Schatz and Bund, longs set in Bobl, and shorts set in Buxl.
- OAT: Positioning is has shifted to short from very short since our last update. Long setting was seen in the most recent week of trade.
- GILT: Positioning hasn't changed much since since our last update, remaining structurally flat, despite shorts set in the past week.
- BTP: Positioning has shifted back to short from flat, though longs were set in the most recent week of trade.
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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