Free Trial

MNI Europe Pi (Positioning Indicator): Short-Setting Picks Up

EXECUTIVE SUMMARY:

  • Last week saw shorts set across most European FI futures, with structural positioning now overwhelmingly flat/short throughout the space.
  • In general, most contracts have continued to move from flat/long in early September to flat/short as October draws to a close.

FULL PDF ANALYSIS:

MNIPi25Oct2021.pdf

  • GERMANY: The German curve saw shorts set last week for the most part, with the exception of Buxl which saw longs set. In terms of structural positioning, Schatz, Bobl, and Buxl are all flat, with Bund the lone short.
  • OAT: Structural positioning has changed little in the past month, remaining flat. Shorts were set last week.
  • GILT: Structural positioning in Gilts has been the shortest among the contracts we track since mid-October. Shorts were set last week.
  • BTP: Structural positioning is flat, with longs continually reduced over the past month or so (including in the most recent week).

To read the full story

Close

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.