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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): Flat Into ECB/BoE
MNI Europe Pi (Positioning Indicator): Flat Into ECB/BoE
EXECUTIVE SUMMARY:
- Positioning going into the ECB and BoE meetings Thursday was mostly flat across the European bond futures space, based on Open Interest and price data through Feb 1 - continuing the trend away from more extreme shorts since the start of the year.
- The exception to that trend is in Gilt, which has moved away from longs.
Full PDF Analysis:
- GERMANY: Schatz remains an outlier in the space as the ""most short"" contract structurally in Europe. In contrast we have seen an evolution in Bobl and Buxl away from very short, to short, and now to flat in the past six weeks. Bund remains ""flat"", the same as our last update. All four German futures contracts saw short setting in the most recent week.
- OAT: Positioning remains at flat since our last biweekly update, having moved from short and very short in our prior updates. Longs were reduced in the most recent week.
- GILT: Positioning saw longs further reduced in the past week, with structural positioning remaining flat since our last biweekly update.
- BTP: Positioning remains short, with shorts 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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