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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.
Most European bond futures contracts have maintained "flat" structural positioning since our last biweekly update. This has come amid price deterioration for core/semi-core EGBs and Gilts as the "reflation" trade has picked up steam globally. In contrast, BTPs have rallied (with positioning moving from flat to long) amid lower political risk.
FOR FULL ANALYSIS CLICK HERE (or use following link):
- GERMANY: Bobl has retained its long structural positioning over the past few weeks, despite longs being reduced last week. While Schatz and Bund also saw longs reduced last week, overall positioning remains flat. Notably, Buxl has shifted to flat from long previously, with shorts set last week.
- OAT: Structural positioning has done little in the past fortnight, remaining flat. Shorts were set last week.
- GILT: Positioning has remained flat through 2021 so far after spending most of late 2020 in long territory (pre-Brexit deal). Still flat now, with shorts set last week.
- BTP: Positioning has moved back to long after briefly moving flat in late January. The contract saw some short covering 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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