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Structural positioning across most of the European futures space remains flat-to-short. Friday May 7's post-BoE and (very poor) US jobs report activity saw large moves in OAT and Gilt open interest, and overall, lots of short-setting. But for the week as a whole, it was mostly a case of longs being set.
FOR FULL ANALYSIS(alternatively use following link:)
- GERMANY: The theme in German futures remains ""short"" (across Schatz, Bobl and Bund), with Buxl going from long to flat over the past 3 weeks. Longs set in all contracts over the past week, apart from Schatz (longs reduced). On Friday, Bund and Buxl saw shorts set, with Bobl and Schatz seeing longs reduced.
- OAT: Positioning has remained steadfastly flat in 2021, though longs were set last week. Friday saw a +2.4% rise in OI (biggest in 1 day since Sep 2020), with shorts set.
- GILT: Likewise flat but saw the biggest 1-day drop in OI since Apr 7 (-1.2%), amid further short cover (in line with the past week's overall position setting).
- BTP: Futures positioning remains flat, and it's largely been unchanged all year. Shorts were set on Friday, in keeping with the week-long theme.
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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