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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): Shorts Dwindle
MNI Europe Pi (Positioning Indicator): Shorts Dwindle
EXECUTIVE SUMMARY:
- The strong upward price action across EGBs and Gilt last week in the wake of soft US and UK inflation/activity data saw broad short covering and long-setting across the space.
- This helped contribute to a further move away from structurally short territory " for several bond futures contracts, with longs re-emerging.
- There are only 2 contracts in "short" territory, vs 4 in our Nov 6 update.
Full PDF Analysis:
- GERMANY: Schatz structural positioning stands out as remaining short, where it has been since early October. Bobl remains flat, but Buxl has moved from short to flat, and Bund from flat to long. As recently as mid-October, Buxl was in "very short" territory. Last week Bund saw longs set, with the other three contracts seeing short cover.
- OAT: OAT have been in flat structural positioning for all of Nov, vs short territory for most of the previous 3+ months. Last week's trade was evident of some short covering.
- GILT: Gilt is back at flat (was briefly short in our last update), where it has mostly been since mid-September. Some short cover was evident last week.
- BTP: BTP structural positioning has edged to flat vs short previously. Last week's trade indicated long-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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