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MNI Europe Pi (Positioning Indicator): German Shorts Fade

BONDS
We've just published our latest MNI Pi update (PDF here):
  • 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).

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