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MNI Europe Pi (Positioning Indicator): Longs Fading

As we highlighted in our mid-October MNI Europe Pi update, longs are now fading in European bond futures positioning.
BundesbankCentral Bank NewsCEEMEAEurozoneGermanyGlobalStoryRegionMarkets

EXECUTIVE SUMMARY:

  • As we highlighted in our mid-October MNI Europe Pi update, which was titled "Longs Look Extended" - longs are now fading in European bond futures structural positioning.
  • The move has been most noticeable in Germany since mid-October, though it's also starting to look the case for BTP and Gilt which remain in long territory nonetheless.    
  • Post-US election trade translated into falling Open Interest on the week across non-German contracts.
  • Accordingly, trade was mixed last week, with mostly long-setting in Germany, but short cover/long reduction across OAT/BTP/Gilt.
        

Full PDF Analysis:
MNI-PI-Nov112024.pdf

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EXECUTIVE SUMMARY:

  • As we highlighted in our mid-October MNI Europe Pi update, which was titled "Longs Look Extended" - longs are now fading in European bond futures structural positioning.
  • The move has been most noticeable in Germany since mid-October, though it's also starting to look the case for BTP and Gilt which remain in long territory nonetheless.    
  • Post-US election trade translated into falling Open Interest on the week across non-German contracts.
  • Accordingly, trade was mixed last week, with mostly long-setting in Germany, but short cover/long reduction across OAT/BTP/Gilt.
        

Full PDF Analysis:
MNI-PI-Nov112024.pdf

Keep reading...Show less