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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.
MNI Europe Pi (Positioning Indicator): Longs Fade
MNI Europe Pi (Positioning Indicator): Longs Fade
EXECUTIVE SUMMARY:
- European bond futures have moved away from the long-leaning structural positioning seen at the outset of 2024, with MNI Europe Pi showing predominantly flat positioning - and no longs (vs three contracts in our last update).
- The long setting/short cover seen in the 2nd half of December has given way to long reduction and short-setting across most contracts last week.
Full PDF Analysis:
- GERMANY: Schatz and Bund have both pulled back from long structural positioning, and are now flat - joining Buxl which has been in flat territory for most of the past 6 months. Bobl remains in short structural positioning, once again the only short in Europe Pi. Last week saw short covering in Schatz, with longs reduced in each of the other 3 contracts.
- OAT: OAT remains in flat structural positioning, where it has been for most of the past half-year. Trade in the most recent week was indicative of short setting.
- GILT: Gilt structural positioning has moved to flat from long in our previous two updates. Some short-setting was evident in the most recent week.
- BTP: BTP structural positioning remains flat, though there was some long-setting in evidence in the most recent week of trade.
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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