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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): Geopolitical Short Cover
MNI Europe Pi (Positioning Indicator): Geopolitical Short Cover
Re-Published with PDF Link below
EXECUTIVE SUMMARY:
The escalation in Russia-Ukraine matters beginning in mid-February has spurred a round of short covering in the European FI futures space, with 5 of 7 contracts seeing short cover last week. Nonetheless, structural positioning remains quite short across the board.
FULL PDF ANALYSIS:
- GERMANY: All German contracts are now in structurally short positioning, with Schatz moving from flat since our last update. Bobl retains the most structural short among the four German contracts. All four saw short covering last week.
- OAT: Positioning has shifted to short from flat since our last update, though only modestly so. And last week saw longs set.
- GILT: Structural positioning remains flat as well. While OI and price action was indicative of short cover, we caution the signal may be distorted as the Mar-Jun roll is underway.
- BTP: Structural positioning remains around the shortest levels since at least end-2018, though longs were set in the most recent 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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