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MNI Europe Pi (Positioning Indicator): Shorts Entrench
MNI Europe Pi (Positioning Indicator): Shorts Entrench
EXECUTIVE SUMMARY:
- Short positioning has become even more entrenched across European futures contracts in the past two weeks.
- In our Oct 9 update, there were no contracts in long territory for the first time in 4 months - now, all Eurex contracts are outright short, with Gilts "the only "flat".
- Last week's trade was indicative of short-setting and long reduction.
Full PDF Analysis:
- GERMANY: Schatz is the most notable mover among German contracts, completing the journey from solid structurally long positioning in early September, to short currently. Bobl has shifted to very short from short while Bund and Buxl remain respectively short and very short. Last week saw longs liquidated in Schatz, with shorts set among the other contracts.
- OAT: OAT remains in structurally short territory where it has been since early July (apart from a spell in September in very short territory). Shorts were set last week.
- GILT: Gilt positioning has remained very steady at flat since mid-September, after having oscillated between longs and shorts. Shorts were set last week.
- BTP: BTP structural positioning has shifted to short territory vs flat in our previous update. Some long reduction was evidenced last week.
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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