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MNI Europe Pi (Positioning Indicator): Faded Shorts
MNI Europe Pi (Positioning Indicator): Faded Shorts
EXECUTIVE SUMMARY:
- Overall European bond futures positioning remains short/flat, though the prevailing theme over the past couple of weeks has been an edging away from extreme shorts.
- Indeed, outside of Germany, there is no structural short positioning.
- The most recent week of trade saw short cover and long reduction across contracts.
Full PDF Analysis:
- GERMANY: Schatz structural positioning remains the shortest in our matrix, followed closely by Buxl - though both have moved away from ""very short"" territory. Bund remains short. The standout is Bobl which is flat. The most recent week saw a mix of short cover and long reduction.
- OAT: Positioning is unchanged at flat since our last update, with some short covering seen in the most recent week of trade.
- GILT: Positioning is nominally flat - the same as in our last update - but the signal may be distorted by the ongoing Dec to Mar roll.
- BTP: Positioning is currently flat, with longs reduced last week. Note the contract has gone from the shortest in our matrix a month ago, to one of the least short.
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