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MNI Europe Pi (Positioning Indicator): Shorts Dissipate
MNI Europe Pi (Positioning Indicator): Shorts Dissipate
EXECUTIVE SUMMARY:
- The past few weeks have seen a turnaround in European bond futures positioning, with shorts dissipating and longs emerging - evident in Germany especially.
- The most recent market activity suggests that this trend may not last long, with the latest week seeing shorts set and longs reduced across the space.
Full PDF Analysis:
- GERMANY: Bobl perhaps best exemplifies the shifting in positions in the past month, with current structural positioning now long vs extreme shorts in early July. Bund has moved away from extreme shorts but remains short. Schatz and Buxl positioning is flat. Bund saw longs reduced last week, with the other 3 seeing shorts set.
- OAT: OAT has shifted to flat structural positioning, vs extreme shorts in late July and merely "short" in our last biweekly update. Longs were reduced last week.
- GILT: Gilts continue to represent the biggest longs in Europe Pi, unchanged from mid-July. Last week's trade saw evidence of short-setting.
- BTP: BTP structural positioning has tilted into long territory from flat seen for most of the prior 4 months. Trade last week was indicative of short setting.
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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