US-CHINA: China To Restrict Gallium And Germanium Exports
MNI London: The Wall Street Journal has reported that China is set to introduce measures to restrict the export of two critical minerals, gallium and germanium, critical to the production of semiconductors, 5G base stations and solar panels on August 1.
- WSJ reports that "industry executives" see the move, "as retaliation for restrictions by the U.S. and others on sales of high-end chips and chip-making equipment to China."
- According to the WSJ, China’s Ministry of Commerce said in a brief statement that measures were designed to “safeguard national security and interest,” adding that "exporters of the two metals will need to apply for licenses and report details of the overseas buyers to the ministry if they want to ship them out of the country."
- CIA Director William Burns said over that weekend that the US should continue to "sensibly de-risk" from China to protect the US' "technological edge" and offset the risk of dependency on China for critical minerals and technologies."
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US: President Biden To Deliver Remarks On Debt Limit Legislation
US President Joe Biden is shortly due to deliver remarks on legislation passed the United States Senate yesterday to suspend the federal government debt ceiling until 2025.
- Livestream of Biden's remarks: https://www.whitehouse.gov/live/
- For more analysis on the debt ceiling bill see today's edition of our MNI US Daily Brief.
- Biden said in a statement yesterday: "Tonight, Senators from both parties voted to protect the hard-earned economic progress we have made and prevent a first-ever default by the United States. Together, they demonstrated once more that America is a nation that pays its bills and meets its obligations, and always will be... No one gets everything they want in a negotiation, but make no mistake: this bipartisan agreement is a big win for our economy and the American people."
MNI: TREASURY GENERAL ACCOUNT $22.9B JUNE 1 VS $48.5B PREV DAY
- MNI: TREASURY GENERAL ACCOUNT $22.9B JUNE 1 VS $48.5B PREV DAY
USDCAD TECHS: Reversal Lower Extends
- RES 4: 1.3730 76.4% retracement of the Mar 10 - Apr 14 low
- RES 3: 1.3695 High Mar 28
- RES 2: 1.3668 High Apr 28 and key resistance
- RES 1: 1.3533 20-day EMA
- PRICE: 1.3438 @ 16:14 BST Jun 2
- SUP 1: 1.3407/04 Low Jun 02 / May 16
- SUP 2: 1.3363 Low May 11
- SUP 3: 1.3315 Low May 8
- SUP 4: 1.3302 Low Apr 14 and a key near-term support
USDCAD traded lower Thursday as it extended the reversal from the May 26 high of 1.3655. The pair is weaker again today. The move lower is considered corrective, however, the impulsive nature of the sell-off signals scope for a deeper pullback. The next support to watch is 1.3404, the May 16 low. A break of this level would expose 1.3315, the May 8 low. On the upside, initial resistance is at 1.3533, the 20-day EMA.
