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UK T-BILL AUCTION RESULTS

GBP3.0bln Of 1-/3-/6-Month Bills

EUROZONE ISSUANCE

Jul 26 Belgium Auction Size Up To E3.1bln

EGB OPTIONS

Schatz straddle, sold again

MARKET INSIGHT

Price Signal Summary - S&P E-Minis Approach The ATH

FOREX
FOREX: The greenback's built on the strength seen late on Friday this morning,
allowing the DXY to equal the year's highs seen on Jan1.
* Currencies traded relatively quietly overnight with Japanese markets closed
for a market holiday. However, dollar demand was triggered by a notice from the
South Korean government warning that they would take stern action to prevent
one-sided FX movements. USD/KRW spiked just over 1% before fading.
* Further dollar strength emerged after USD/JPY broke above 2018 highs which
managed to cement the move below $1.20 in EUR/USD.
* CAD gains again as the market digests Friday's particularly strong Canadian
jobs report in anticipation of the Bank of Canada rate decision on Jan17.
Consensus is now for a 25bps hike to 1.25%.
* GBP/USD is taking the lead from the USD with little data to distract and has
ebbed back toward Friday's lows of $1.3524. Markets watch for confirmation of PM
May's cabinet reshuffle, where a 'No Deal Minister' is expected to be appointed.
* Eurozone retail sales and consumer confidence due at 1000GMT are the next
calendar highlight.