US: House GOP Leadership Punts Rules Ctte Again, Key Legislation Stalled
House Republican leadership has postponed a second meeting of the House Rules Committee. The session, expected to get underway this morning to vote on advancing key legislation for the House floor, was rescheduled after a marathon meeting of the committee recessed yesterday amid an ongoing standoff between leadership and conservative hardliners.
- The delay increases concerns that House Speaker Mike Johnson (R-LA) has no workable coalition to pass an extension of the Section 702 (FISA) warrantless spy law that expires on Thursday, pass a budget resolution to unlock work on an immigration enforcement reconciliation bill, or pass a funding measure for the Department of Homeland Security. There are also problems with the more straightforward farm bill, with opposition from 'MAHA' conservatives over pesticide provisions and a separate push from Midwest Republicans to include a vote on year-round sales of the E15 gasoline-ethanol blend.
- If the DHS funding isn’t approved by April 30, it is unclear if the government can continue paying the department’s 270,000 employees, who are currently receiving salaries via two executive orders from Trump.
- Punchbowl News writes on the budget resolution: "The House GOP whip team surveyed the conference Monday evening on the budget resolution and it wasn’t clear that the measure had the support to pass.”
- Rep. Jim McGovern (D-MA), top Rules Committee Democrat, told reporters at around midnight yesterday: “They’re clearly not talking to their members. They have no clue on strategy or how to move anything across the finish line, and it’s just frustrating...”
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US: Trump To Address Saudi Investment Forum Shortly
US President Donald Trump is shortly due to delivers remarks at the Future Investment Initiative, a Saudi business conference in Miami, Florida. LIVESTREAM
- The event comes amid reports that Saudi Crown Prince Mohammad bin Salman is pressing Trump to continue the war with Iran. The NYT reports, "In a series of conversations over the last week, Prince Mohammed has conveyed to Mr. Trump that he must press toward the destruction of Iran’s hard-line government, the people familiar with the conversations said."
- Bloomberg reports, "The top official at Saudi Arabia’s wealth fund said it remains committed to investments around the world despite growing concerns over the mounting economic costs of the war."
- Yasir Al Rumayyan, governor of the $1 trillion Public Investment Fund, said: “The Saudi macroeconomic and physical position remains strong, stable and resilient. We measure our returns not in quarters but in decades, and PIF remains committed to its investments around the world.”
- Bloomberg noted similarly, last week: "The United Arab Emirates’ ambassador to the US threw his weight behind his country’s massive investment plans in America, amid concerns that a prolonged war with Iran could strain government finances across the Persian Gulf."
- For the latest on Iran war, see today's edition of the MNI US Daily Brief.
USDCAD TECHS: Bull Cycle Extension
- RES 4: 1.3985 76.4% retracement of the Nov 5 ‘25 - Jan 30 bear leg
- RES 3: 1.3929 High Jan 16
- RES 2: 1.3889 61.8% retracement of the Nov 5 ‘25 - Jan 30 bear leg
- RES 1: 1.3887 High Mar 27
- PRICE: 1.3885 @ 17:21 GMT Mar 27
- SUP 1: 1.3753 High Mar 3 and a recent breakout level
- SUP 2: 1.3670 Low Mar 23 and a key short-term support
- SUP 3: 1.3526 Low Mar 09
- SUP 4: 1.3482 Low Jan 30 and a bear trigger
A stronger short-term bull cycle in USDCAD remains in play and this week’s gains reinforce this theme. The pair has breached a key resistance at 1.3753, the Mar 3 high, highlighting a short-term reversal. Sights are 1.3889 next, a Fibonacci retracement level. For bears, a reversal would refocus attention on 1.3482, the Jan 30 low and a bear trigger. Initial firm support to watch lies at 1.3670, the Mar 23 low.
AUDUSD TECHS: Clears The 50-Day EMA
- RES 4: 0.7187 High Mar 11 and the bull trigger
- RES 3: 0.7123 High Mar 18
- RES 2: 0.7024 20-day EMA
- RES 1: 0.6978 50-day EMA
- PRICE: 0.6874 @ 17:13 GMT Mar 27
- SUP 1: 0.6872 Low Mar 27
- SUP 2: 0.6834 Low Jan 23
- SUP 3: 0.6767 High Jan 7
- SUP 4: 0.6702 Trendline support drawn from the Apr 9 ‘25 low
AUDUSD has this week traded below support around the 50-day EMA, currently at 0.6978. A clear break of the average would undermine the recent bull theme and signal scope for a deeper retracement. This would highlight potential for an extension towards the 0.6800 handle. Further out, an important trendline support lies at 0.6702. The trendline is drawn from the Apr 9 ‘25 low. Initial firm resistance is at 07024, the 20-day EMA.
