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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

BTPS
BTPS: ***Earlier this week, we highlighted that Italian banks had been large
sellers of debt according to official data and this fact has sparked a number of
articles and research reports. Today, we want to point out that the domestic
mutual fund flows show an opposing picture.
- Data from Assogestioni, the Italian mutual fund body show that funds collected
E56.5bln of funds in the first half of the year.
- Within the E43.5bln that found its way into 'fondi aperti' (open funds) and
for which we have a breakdown, E20bln went into bond funds, E9bln into flexible
and E10bln into balanced. Naturally, with so many non-Italian mutual fund
companies operating in Italy these days, the likelihood that these flows end up
in BTPs is lower than it used to be in the past. Yet, the numbers are decent. 
- For comparison, the Italian State budget deficit should be close to E40bln in
2017.