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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): Mixed Into The Roll
MNI Europe Pi (Positioning Indicator): Mixed Into The Roll
EXECUTIVE SUMMARY:
- With Eurex contracts entering the quarterly roll (Dec/Mar) later this week ahead of the Dec 7 deadline, MNI Europe Pi shows mixed structural positioning.
- German contracts run the gamut from Short to Long, with Flat/Short positioning prevailing overall.
- The most recent week saw relatively cautious trade, with mostly short covering and long reduction in evidence.
Full PDF Analysis:
- GERMANY: Schatz enters the roll period in the same short structural positioning in which it has been since early October. Since our update on Nov 20, the other contracts have not shifted, with Bobl remaining flat, Bund long, and Buxl flat. The most recent week of trade was indicative of long-setting in Schatz and Bobl, with short covering in Bund and Buxl.
- OAT: OAT has tilted back toward short structural positioning where it spent most of the Jul-Oct period, having been flat in our last update. Last week's trade was evident of some short covering.
- GILT: Gilt structural positioning is nominally short though we caution against making any conclusions given the distorted signal from the ongoing roll (which is nearly complete).
- BTP: BTP structural positioning remains flat, with some short cover 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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