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MNI Europe Pi (Positioning Indicator): Still Flat-To-Short

MNI Europe Pi (Positioning Indicator): Still Flat-To-Short

MNI Europe Pi (Positioning Indicator): Still Flat-To-Short


  • Following the Dec / Mar contract roll at the turn of the month, early post-roll signals are that overall European bond futures positioning remains flat-to-short.
  • The past week has seen mostly short-setting, mostly in Germany, where short positioning is most prominent.

Full PDF Analysis:


  • GERMANY: Schatz structural positioning remains the shortest in our matrix. It is joined in short territory by Bund and Buxl. Once again, the standout is Bobl which is flat. The most recent week saw short cover across all the German contracts. However, the bigger picture is that all of these contracts are generally moving away from the more extreme short territory seen in late Oct/early Nov.
  • OAT: Positioning is unchanged at flat since our last update, with some short setting seen in the most recent week of trade.
  • GILT: Positioning is flat, unchanged since our last update - but it is the contract that is closest to net "long" territory. Longs were reduced in the past week.
  • BTP: Positioning is flat, though longs were set last week.

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