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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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Free AccessMNI Europe Pi (Positioning Indicator): No Shorts Into Roll
With 1st notice for front EGB contracts on Sep 8, the roll is about to begin in earnest (Gilts are complete, chart data below is through Aug 20). We note that contracts are either flat or long as the roll begins - no shorts in sight.
- GERMANY: Schatz and Buxl come into the Sep/Dec roll with long structural positions, whereas Bobl and Bund are both flat. Longs were reduced for all German contracts in the past week.
- OAT: Positioning is flat going into the roll (where it has been for several weeks), though it was the only European contract that saw shorts set last week.
- GILT: Positioning was long going into the roll (which is now complete); we will wait for a few more sessions to update our positioning post-roll.
- BTP: Positioning is now long, having been very long for most of July/August.
CLICK HERE FOR FULL PDF or use the following link:
https://emedia.marketnews.com/MNIPi28082020a.pdf
To read the full story
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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.