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SILVER TECHS

Bullish Extension

GOLD TECHS

Heading North

WTI TECHS

(M1) Needle Still Points North

BRENT TECHS

(N1) Bullish Conditions Remains Intact

USDCAD TECHS

Extends Lower With Bears In Charge

Bill issuance is set to....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Bill issuance is set to tick up slightly to E16.5bln
next week, from E15.3bln this week. Six countries are coming to market.
- ISSUANCE: On Monday, Germany kicks off sales for the week, re-opening 6-month
Aug 14, 2019 Bubills for E2bln. Later Monday, France sells four BTFs:
E2.2-2.6bln of 3-month Jun 13, 2019, E0.5-0.9bln of 5-month Jul 31, 2019,
E0.2-0.5bln of 6-month Sep 11, 2019, and E0.5-0.9bln 12-month Feb 26, 2020.
- On Tuesday, Spain sells 3-month and 9-month Letra, details TBA Monday. Also
that morning, Italy sells E6.5bln of new 12-month Mar13, 2020 BOT. Later,
Slovenia sells 3-month Jun 13, 2019, 6-month Sep 12, 2019, and 12-month Mar 12,
2020 bills for a combined E0.14bln. Belgium concludes a busy Tuesday, selling
E1.0bln of 2-month May 9, 2019 TC,E0.8bln of 3-month Jul 11, 2019 TC, and
E1.8bln of 12-month Mar 12, 2020 TC. On Wednesday, Greece sells new 12-month Mar
13, 2020 bills for E0.625bln. And finally, on Thursday morning, Ireland
concludes the week of bill sales, with details TBA.
- CASH FLOW: With E12.3bln in redemptions next week (mainly France and Italy),
net cash flow will come in at positive E4.2bln, vs negative E4.8bln this week.