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MNI Europe Pi (Positioning Indicator): German Shorts Stand Out

BONDS
Our latest MNI Europe Pi update has been published (full table and contract-by-contract detail available here):
  • The rally in bond futures late last week following lower-than-expected US CPI sparked a round of short covering and long-setting across the European space.
  • However, structural positioning remains skewed to the short side (4 of 6 contracts in our matrix, with the other 2 being "flat"), with Germany now more short than Italy.

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