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MNI Europe Pi (Positioning Indicator): German Shorts Fade
MNI Europe Pi (Positioning Indicator): German Shorts Fade
EXECUTIVE SUMMARY:
- The past couple of weeks have seen divergent moves in structural positioning across European bond contracts.
- German contracts are tending back away from the shorts that had appeared to be developing in late April.
- BTP and Gilt have traded places in flat versus long territory.
- Last week saw mostly short setting (Germany was the exception).
Full PDF Analysis:
- GERMANY: Schatz have returned to merely "short" from "very short" in our previous biweekly update - though the contract remains the only one on the structurally short side. Bobl and Bund have moved to flat from short previously, and are nearing long territory, with each seeing short cover last week. Buxl remains flat, though shorts were set last week.
- OATs remain in structurally long territory (indeed the longest in MNI Pi), though saw some short setting last week.
- Gilts have moved back to flat after a brief foray into long territory. The contract saw shorts set last week.
- BTP positioning has moved over the past 2 weeks to long for the first time since July 2022, vs flat last week (some short setting was seen in the most recent week however).
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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