Free Trial
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.
MNI Europe Pi (Positioning Indicator): Reloading Shorts
MNI Europe Pi (Positioning Indicator): Reloading Shorts
EXECUTIVE SUMMARY:
- March's jump in bond market volatility has left all European futures in flat structural positioning, vs a mix of short/flat in our Mar 21 update.
- A fall in prices last week was accompanied by a rise in open interest, signalling renewed short-setting.
- The broader context is that OI has begun to recover from mid-March lows induced by a short squeeze.
- Last week OI rose across almost all the major contracts, vs sharp drops (led by Bobl -5.5% and BTP -5.7%) between Mar 14-21 (capturing the Credit Suisse crisis).
Full PDF Analysis:
- GERMANY: German contracts all remain in structurally flat positioning. Buxl was the only European contract that didn't see shorts set last week, instead seeing long reduction.
- OAT: Positioning remains flat, where it has been most of 2023 so far - though the contract is on the cusp of short territory.
- GILT: Gilts remain in flat territory, after positioning tumbled from significant longs in early March.
- BTP: Structural positioning was in slight short territory for most of last week, shifting just barely into flat on Friday.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok