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MNI Europe Pi (Positioning Indicator): German Shorts Return

BONDS

We've just published our latest MNI positioning update (PDF here):

  • Structural positioning is beginning to shift across most European bond futures, after being flat for most of April.
  • In particular German shorts appear to be returning, with OAT, Gilt and Gilt moving away from short territory.
  • Last week saw mostly long-setting, with some short cover.

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