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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): German Shorts
MNI Europe Pi (Positioning Indicator): German Shorts
EXECUTIVE SUMMARY:
- The short end/belly of the German curve is in the shortest structural position among futures tracked by MNI Pi, with most of the rest of European positioning at flat.
- Last week saw a mix of trade, between short covering and long setting.
Full PDF Analysis:
- GERMANY: Futures remain mostly in short positioning. Bobl remains very short, joined by Schatz since our last biweekly update (had been merely ""short""). Buxl has shifted to short from flat. The key move has been in Bund which has flipped from short to flat, for the first time since early April. Apart from Schatz which saw longs set, German contracts saw short cover last week.
- OAT: Positioning has stabilised in short territory after moving sharply away from flat territory a few weeks ago. Longs were set last week.
- GILT: Structural positioning has moved out of short territory back to flat, where it was a month ago. Longs were set last week.
- BTP: Structural positioning remains flat for our 2nd consecutive update, contrasting with shorts in the 1st half of 2022. Some short covering 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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