USDJPY TECHS: Bearish Reversal Signal

The Senate Appropriations Committee is shortly due to gavel in for a hearing on the Trump administration's request for USD$88 billion in supplemental funding for the Iran war and farm aid. Defense Secretary Pete Hegseth and Joint Chiefs chair Dan Caine will testify on Iran. Agriculture Secretary Brook Rollins will testify on farm aid. LIVESTREAM

• Politico reports, “Administration officials have warned the Pentagon faces a budget crunch if the money — totalling $67 billion of the request — isn't provided soon. That is a separate funding ask from House GOP lawmakers’ reconciliation plans or annual funding measures.”
• Punchbowl News reports, “Hegseth and Caine last offered a public press briefing on the war on May 5… Expect Democrats to press for an updated cost estimate tied to continued US operations in the region, in addition to a credible [exit plan for Iran].”
• Committee members Susan Collins (R-ME) and Lisa Murkowski (R-AK) both previously supported Iran war powers resolutions and are likely to do so again if they don’t receive satisfactory answers today.

A new survey from I&I/TIPP has found that, “Democratic Socialist policy ideas resonate only with a minority of US voters,” despite the DSA  being “perhaps the most influential arm of the Democratic Party today.”

• TIPP notes on a proposal of the DSA's plan: "Government ownership of the largest corporations and important industries,” that “about a third — 33% — agree with the idea either strongly (13%) or somewhat (20%), while 52% disagree strongly (34%) or somewhat (18%).”
• TIPP continues, “By political grouping, among Dems, 37% agree with government control, while 47% disagree. Republicans, perhaps shockingly, are not too far away in their views: 34% agree, 54% disagree. Independents are strongest in their rejection: 26% agree, 57% disagree.”
• The survey is likely to feed into some concern within the Democratic establishment that a surge from progressive candidates in Democratic primaries may open the door to the GOP in key midterm races, including the crucial Maine and Michigan Senate races. 

Figure 1: “Do you agree or disagree with the following policies the DSA recently proposed in its "Workers Deserve More!" policy document: Government ownership of the largest corporations and important industries”

Source: I&I/TIPP

• US Data/Speaker Calendar (prior, estimate). All times ET
• 07/22 0700 MBA Mortgage Applications (-2.7%, --)
• 07/22 1130 US Tsy $B 17W bill auction
• 07/22 1300 US Tsy $13B 20Y Bond auction re-open
• Source: Bloomberg Finance L.P. / MNI