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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 Outside Of Germany
MNI Europe Pi (Positioning Indicator): Flat Outside Of Germany
EXECUTIVE SUMMARY:
- Shifts in European bond futures structural positioning have been subtle since our last update on April 8, with "flat" the most common indicator.
- Indeed this is the first update of 2024 in which all ex-German contracts are in "flat" positioning.
- Last week's trade saw longs reduced in 6 of 7 contracts.
Full PDF Analysis:
- GERMANY: Schatz structural positioning is the biggest mover since our last update, shifting to long from flat previously (it had previously been "long" briefly in late February). Elsewhere in Germany, contracts have maintained the same structural positioning over the past 2 weeks: Bobl remains at flat, Bund at very short, and Buxl at short. Last week's trade saw longs reduced in each contract except Buxl (shorts set).
- OAT: OAT remains in flat structural positioning, the same for the past 2+ quarters. Trade last week was indicative of long reduction.
- GILT: Gilt structural positioning has subsided to flat, after previously spending around 6 weeks at "long". Last week's trade saw further long reduction.
- BTP: BTP structural positioning remains volatile and has moved back to flat after short in our last update, and long prior to that. Long reduction was seen last week.
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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