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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.
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.
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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