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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

The Italian............>

ITALY T-BILL AUCTION PREVIEW
ITALY T-BILL AUCTION PREVIEW: The Italian Dipartimento Del Tesoro issue a new
12-month Aug 14, 2018 BOT for E6.5bln on Monday. 
- RV: The mid-yield on the current 12-month Jul 13, 2018 BOT is currently seen
at -0.347%, in the middle of its mid July to mid Aug range of between -0.358%
seen on Jul 10 and -0.34% seen on Jul 13. As for the new Aug 14, 2018 BOT the
grey market is indicating a mid-yield of around -0.331%, representing a pick up
of 1.6bps versus the old 12-month BOT. 
- HISTORY: For comparison, at the last 12-month auction on Jun 12, the finance
ministry sold E6.75bln at an average yield of -0.352% and bid-to-cover of 1.65
times. Generally, a good bid-cover is 1.75, a low one is 1.6. Usually, August
auctions do better than average.
- REDEMPTION: There will be a BOT redemption on Aug 14 totalling E6.6bln,
leaving net cash flow positive to the tune of E100mln, slightly helping demand. 
- TIMING: Results are due to be announced at around 0905GMT.