UK T-BILL AUCTION RESULTS: 1/3/6-month UKTBs

• In FX, EURUSD maintains a firmer tone having recovered from 1.1557, the Jul 17 low. Recent weakness between Jul 1 - 17 appears to have been a correction. Support to watch lies at the 50-day EMA , at 1.1534. A clear break of this average is required to signal a stronger reversal. Note that trend indicators continue to highlight a dominant uptrend. A continuation higher would open 1.1829, the Jul 1 high and the bull trigger.
• GBPUSD continues to appreciate, extending the recovery from the Jul 16 low. Recent weakness resulted in a break of trendline support drawn from the Jan 13 low. The breach is a bearish development, however, the latest bounce also signals a possible false break. Note that M/T trend indicators still highlight an uptrend. The next resistance to watch is 1.3577, 50.0% of the Jul 1 - 16 bear leg. The bear trigger is 1.3365, Jul 16 low. A break would resume a bear theme.
• A bull cycle in USDJPY remains in place despite the latest pullback - a correction. Short-term pivot support to monitor is 145.88, the 50-day EMA. A clear break of this level would highlight a stronger reversal. Recent strength resulted in a breach of resistance at 148.03, the Jun 23 high, and a move through key resistance at 148.65, the May 12 high. The break strengthens the bullish theme and opens 149.38, a Fibonacci retracement.

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European Commission President Ursula von der Leyen, Council President Antonio Costa, and Japanese PM Shigeru Ishiba have just finished a joint press conference following the conclusion of the Japan-EU summit in Tokyo. 

• Ishiba says that the EU and Japan "agreed to work towards [an] industry dialogue to strengthen defence industries". The PM also confirms that Japan agreed with the EU to start talks on an information protection agreement. Says Japan and the EU will "work to maintain and strengthen the rules-based free and fair economic order."
• Costa says the two sides agreed to cooperate on "maritime security, cyber, space, hybrid threats, nuclear proliferation and defence industry." Adds the two countries "are united in defending a predictable rules-based economic order, with the WTO at its core".
• VdL says that Japan and the EU "are facing rising pressure [...] with growing trade tensions and uncertainty, fragile supply chains, the challenge of overcapacity and [uneven] playing fields". VdL adds that the EU will "work more closely with Japan to counter economic coercion and to address unfair trade practices".
• Euractiv reported earlier, "Strategic joint procurement of critical raw materials and tighter business-to-business links are set to form the backbone of a new 'EU-Japan Competitiveness Alliance,' [...] Initial cooperation will focus on critical raw materials and battery value chains, especially for clean tech and digital industries, though future expansion “could extend to other sectors in the future,” both sides are expected to say."
• No such partnership was announced by the leaders, but the details could be included within the competitiveness alliance documents.