October 09, 2023 13:22 GMT
MNI Europe Pi (Positioning Indicator): Shorts Remain Prevalent
Structural shorts remain prevalent across European futures contracts.
- Structural shorts remain prevalent across European futures contracts, with no contracts in long territory for the first time since early summer.
- Volatile trade last week appeared mixed from a positioning perspective.
Full PDF Analysis:
- GERMANY: Schatz is back at flat after a brief spell as the only German contract in long territory. The rest of the space remains structurally short however: Bobl remains short, while Bund has shifted to merely short from very short, and Buxl moving in the opposite direction at very short vs short previously. Trade last week was mixed, with longs set in Schatz and Buxl, and longs reduced in Bobl and Bund.
- OAT: OAT shorts have dissipated slightly since our last biweekly update, to short vs very short previously. Some long setting was observed last week.
- GILT: Gilts continue to oscillate between longs (seen in Jul-Aug) to shorts (most of Sept), with the latest observation in flat positioning. Longs were reduced last week.
- BTP: BTP structural positioning has moved away from long territory to sit flat. Some shorts were set last week.
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