US-EU: EU & French President 'Strongly Condemn' US Visa Bans
Dec-24 11:39
Following on from our previous bullet highlighting the latest strain on US-EU relations (US-EU: Visa Restrictions Risk Further Strain To Already Frayed US-EU Relations), the European Commission and French President Emmanuel Macron have now publicly condemned the US's actions in restricting visa access to French former European Commissioner Thierry Breton.
- In a statement, the Commission said it "strongly condemns" the visa restrictions, and that "We have requested clarifications from the U.S. authorities and remain engaged. If needed, we will respond swiftly and decisively to defend our regulatory autonomy against unjustified measures."
- Posting in English on X, Macron said France also condemns the actions, and "These measures amount to intimidation and coercion aimed at undermining European digital sovereignty."
- After two German citizens were also subjected to entry bans, Foreign Minister Johann Wadephul said the action was "not acceptable". The German foreign minister utilised the same language that EU and French officials have used in emphasising that the DSA was passed democratically and it does not have an extraterritorial effect.
- Earlier in the month, following EU fines levied against Elon Musk's X platform over violations of the DSA, senior administration officials, including US Vice President JD Vance, Secretary of State Marco Rubio, Federal Communications Commission chair Brendan Carr, and the US' ambassador to the EU Andrew Puzder, criticised the ruling as an attack on US firms, and an attempt to shut down free speech in the US.
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OUTLOOK: Price Signal Summary - USDJPY Trend Needle Points North
Nov-24 11:35
- In FX, the short-term trend structure in EURUSD remains bearish and the pair continues to trade below resistance at 1.1656, the Nov 13 high and a key short-term reversal trigger. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Sights are on key support at 1.1469, the Nov 5 low and a bear trigger. Clearance of this support would strengthen a bearish theme.
- The trend condition in GBPUSD remains bearish and short-term gains are considered corrective. Moving average studies are in a bear-mode condition and this continues to highlight a dominant downtrend. Clearance of the bear trigger at 1.3010, the Nov 4 / 5 low, would confirm a resumption of the downtrend. Key short-term resistance is at the 20-day EMA, at 1.3167. A clear break of it would signal a stronger corrective cycle.
- Fresh cycle highs last week in USDJPY reinforce current strong bullish conditions and a rally on Nov 19, highlights an acceleration of the uptrend. Furthermore, moving average studies remain in a bull-mode position, highlighting a dominant uptrend. Sights are on the 158.00 handle next. Support to watch is 154.54, the 20-day EMA. Note that the pair has entered overbought territory. A pullback would be considered corrective.
LOOK AHEAD: Monday Data Calendar: Regional Fed Data, IP Annual Rev, Tsy Auctions
Nov-24 11:30
- US Data/Speaker Calendar (prior, estimate). All times ET
- 11/24 0830 Chicago Fed Labor Market Indicators, Nov advance release
- 11/24 1030 Dallas Fed Mfg Activity Nov (-5.0, -2.0)
- 11/24 1130 US Tsy $86B 13W & $77B 26W bill auctions
- 11/24 1200 Fed Annual Revision to Industrial Production
- 11/24 1300 US Tsy $69B 2Y Note auction (91282CPL9)
- Source: Bloomberg, WH Press Pool, MNI
US 10YR FUTURE TECHS: (Z5) Bullish Theme
Nov-24 11:20
- RES 4: 114-02 High Oct 17 and the bull trigger
- RES 3: 113-29 High Oct 22
- RES 2: 113-18+ High Oct 28
- RES 1: 113-14 High Nov 21
- PRICE: 113-10 @ 11:09 GMT Nov 24
- SUP 1: 112-11+/09 100-dma / Trendline drawn from the May 22 low
- SUP 2: 112-06 Low Sep 25 and a key support
- SUP 3: 111-31 Low Sep 2
- SUP 4: 111-23 50.0% retracement of the May 22 - Oct 17 bull leg
A bullish theme in Treasuries remains intact. Last week’s breach of resistance at 113-02, an area of congestion since Nov 5, marks a bullish development and suggests scope for a climb towards 113-18+, the Oct 28 high. Note that the move higher also cancels a recent short-term bearish theme. Key support to watch is 112-06, the Sep 25 low. Trendline support, drawn from the May 22 low, lies at 112-09.
