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USDCAD TECHS

Clearing Major Support

AUDUSD TECHS

Sizeable Resistance Building

EURJPY TECHS

Needle Still Points North

USDJPY TECHS

Bullish Argument Down, But Not Out

EURGBP TECHS

Attention Is On Resistance

The Italian Dipartimento......>

ITALY AUCTION PREVIEW
ITALY AUCTION PREVIEW: The Italian Dipartimento Del Tesoro will re-open the
Mar-20 CTZ for E1.25-1.75bln and the 1.25% Sep-32 BTPei for E0.75-1.00bln on
Tuesday.
- BACKGROUND: Italy is slightly behind the rest of the Eurozone on issuance for
this year with 72% of the 2018 target currently met compared to 79% for the
wider bloc.
- RV/HISTORY: Italian BTPs have broadly rallied since the beginning of September
and the curve has steepened. The Mar-20 CTZ currently trades at 0.858%, down
from a recent peak of 1.478% on August 31 and 102.0bps outside of the comparable
EUR swap. The 1.25% Sep-32 BPTei is the benchmark 15-year linker, which
currently trades at 1.733%, down from a recent high of 2.112% on August 31, but
far above the YTD low of 0.700% on April 18. 
- REDEMPTIONS: There are an estimated E0.23bln in EGB redemptions this week and
E2.52bln in coupon payments.
- TIMING: Results are due shortly after the auction closes at 0920GMT