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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): Growing Shorts
EXECUTIVE SUMMARY:
The short setting we saw in the early part of January has continued in the latter half of the month, with most European futures contracts now exhibiting short structural positioning and the remainder flat. The key standout is Gilt. which is moving out of short territory.
FULL PDF ANALYSIS:
- GERMANY: Futures are almost entirely in short structural positioning: since our last update, in which Bobl was the only structural short, it's been joined by Bund and Buxl. Schatz remains the lone ""flat"" but is leaning to the short side. Schatz and Bund saw shorts set last week, Bobl saw longs reduced, and Buxl saw longs set.
- OAT: Positioning remains unchanged at flat, having stabilized compared with fairly wide fluctuations between short/long in late 2021. Longs were reduced last week.
- GILT: Structural positioning has moved to flat out of structurally short territory where it's been since mid-December, though some shorts were set last week.
- BTP: Structural positioning has drifted increasingly toward short territory after a spell at flat at the turn of the year. Longs were set in the past week, though.
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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