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Short-Term Resistance Intact


(U2) Remains Above Support

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The UK's Debt.............>

UK T-BILL AUCTION PREVIEW: The UK's Debt Management Office (DMO) re-open 1-month
Dec 27, 2017 T-bill for Stg1.0bln, re-open 3-month Feb 26, 2018 T-bill for
Stg1.0bln and issue a new 6-month May 29, 2018 T-bill for Stg2.0bln Friday. 
- BACKGROUND: T-bill issuance remains at Stg4.0bln this week and could impact
demand. Yields also look to have pushed slightly higher as Brexit uncertainty
continues cools a little.
- REDEMPTION: There is a T-bill redemption of Stg3.0bln on Monday, leaving net
cash flow positive to the tune of Stg1.0bln, which is seen weighing on demand.
- HISTORY: For comparison, at the last UK T-bill auction on Nov 17, the DMO sold
Stg1.0bln 1-month T-bill at average yield 0.3955% cover 1.86 times, Stg2.0bln
3-month at average yield 0.360% cover 3.98 times, and Stg2.0bln 6-month at
average yield 0.455% cover 2.37 times. 
- TIMING: Results are due to be announced at around 1105GMT.

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