POWER: Hungary 2GW Paks to Further Reduce Capacity on Friday, Full Halt Tues/Wed

FX Exchange traded Option. Expiry tomorrow, suggest closing.

• EURUSD (2nd July) 1.1450p, sold at 0.0058, 0.0057, 0.0053, 0.0047 and now 0.0045 in 3k total.

• RES 4: 7700.00 Round number resistance
• RES 3: 7693.75 High Jun 2 and the bull trigger
• RES 2: 7652.75 High Jun 5  
• RES 1: 7567.75/7648.75 High Jun 30 / 15  
• PRICE: 7537.75 @ 15:00 BST Jul 1
• SUP 1: 7357.25/7292.25 Low Jun 26 / 11 and key support
• SUP 2: 7200.00 Round number support
• SUP 3: 7135.00 Low Apr 23  
• SUP 4: 7047.75 50.0% retracement of the Mar 31 - Jun 1 bull cycle

The trend theme in S&P E-Minis is bullish and the latest pullback appears corrective. Note that moving average studies remain in a bull-mode position and this continues to highlight a dominant uptrend. Monday’s rally highlights a bullish engulfing candle - a reversal signal. If correct, it signals the end of the recent correction. Key support lies at 7292.25, the Jun 11 low. A continuation higher would open 7693.75, the Jun 2 high and M/T bull trigger.

Wires reporting comments from US Ambassador to NATO Matthew Whitaker, speaking to reporters about next week's leaders' summit in Ankara, Turkey. Starting positively, he says that "I think we're prepared to have a very successful summit", but then pivots to a more familiar criticism of the US' NATO partners, saying "Some allies are lagging behind, are not spending enough, or don't have [a] credible path." 

• Whitaker: "President Trump fully expects all allies will step up immediately and get on [the] path to 5%." Adds the "Goal is clear: to continue shifting the burden for the conventional defence of Europe to our allies."
• Whitaker: "We believe those who are doing more should get benefits from doing more."
• Whitaker: "Announcements of [support from] the US and allies for Ukraine are going to be substantial...We are working together to support Ukraine; we expect our European allies to bear the burden." Says he "expects long-term, sustained commitments to the support of Ukraine" at the summit.
• For Europe's NATO nations, vociferous US demands to take over the burden of defence will continue to weigh on national budgets over the long term.
• Whitaker: "There is not enough consolidation in the European defence industry." Earlier, speaking alongside NATO Secretary General Mark Rutte, Germany's Defence Minister Boris Pistorius said that Germany was “very interested" in the prospect of producing some US systems or weapons parts domestically (for more see GERMANY: FT-Berlin Seeks To Build US Weaponry In Effort To Boost Industry)