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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): Gilts Long Into Roll
MNI Europe Pi (Positioning Indicator): Gilts Long Into Roll
EXECUTIVE SUMMARY:
- Despite most bond futures remaining structurally flat since our last biweekly Pi update, the tendency for most contracts has been toward short territory.
- Three notable exceptions: Schatz and Bobl have moved away from extreme shorts, while Gilt continued to push further into long territory going into the quarterly roll.
Full PDF Analysis:
- GERMANY: Schatz and Bobl retain the shortest structural positioning in Europe Pi, but the latest update shows a retracement to "short"" from "very short". Bund and Buxl remain structurally flat, though Bund remains on the cusp of "long" territory. The most recent week saw mixed trade, with some shorts set and longs reduced.
- OAT: OAT positioning continues to pull back from the cusp of long territory, remaining flat for now, though shorts were set in the most recent week.
- GILT: Long positioning in Gilts that began with a jump in open interest at the start of Feb has continued: structural positioning is very long (despite longs pared in the past week).
- BTP: BTP structural positioning remains flat (after ECB meeting-related short covering). Some fresh shorts were set 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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