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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.
There's been an increasing amount of directional optimism across European bondfutures - or at least, less pessimism: from 3 shorts, 3 flats and 1 "very long" (BTP) in late July, we now see no structural shorts and 4 out of 7 contracts in long territory.
- GERMANY: A surge in Schatz open interest has been the most interesting development in the past few weeks (+10% since Jul 20, vs +2-3% for other German contracts), which has coincided with a structural move from flat to long. Bobl has flipped from short to long, while Bund and Buxl have moved to flat from "very short". Last week saw shorts set, apart from Bobl (longs reduced).
- OAT: Positioning remains flat, with longs reduced last week.
- GILT: Positioning has shifted to long vs flat in our last update - indeed longest since early June (despite fresh shorts being set last week).
- BTP: Positioning has come back from very long levels to merely long, with the increase in OI (+9%) similar to that of Schatz.
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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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