AMERICAS OIL: Hurricane Erin Forecast to Pass South of Canada Oil Platforms
Hurricane Erin is now forecast to move south of oil platforms off the coast of Newfoundland, according to US National Hurricane Centre, cited by Bloomberg.
- All four platforms - Terra Nova, SeaRose, Hibernia and Hebron — are no longer within probable path of storm
- Hebron, SeaRose and Terra Nova were within the cone showing probable path of storm on Aug. 20, with Hibernia just outside the path, Bloomberg added.
- The sites are forecast to face as much as a 40% chance of encountering tropical storm force winds from Erin.
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TARIFFS: US Pres Trump: Deal With Philippines Includes 19% Tariff
Pres Trump on Truth Social announces terms of a trade pact with the Philippines including a 19% import tariff (was 17% on "Liberation Day"):
- @realDonaldTrump "President Ferdinand Marcos, of the Philippines, is just leaving the White House, with all of his many Representatives. It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff. In addition, we will work together Militarily. It was a Great Honor to be with the President. He is Highly Respected in his Country, as he should be. He is also a very good, and tough, negotiator. We extend our warmest regards to the wonderful people of The Philippines!"
GBPUSD TECHS: Monitoring Resistance At The 20-Day EMA
- RES 4: 1.3835 High Oct 20 2021
- RES 3: 1.3681/3789 High Jul 04 / 01 and the bull trigger
- RES 2: 1.3620 High Jul 10
- RES 1: 1.3517 20-day EMA
- PRICE: 1.3485 @ 15:46 BST Jul 22
- SUP 1: 1.3365 Low Jul 16 and the short-term bear trigger
- SUP 2: 1.3335 Low May 20
- SUP 3: 1.3245 Low May 19
- SUP 4: 1.3144 38.2% retracement of the Jan 13 - Jul 1 bull cycle
GBPUSD continues to trade above its recent lows. For now, short-term gains appear corrective and a bear threat remains present. Recent weakness resulted in a break of trendline support currently at 1.3480 - drawn from the Jan 13 low. The breach strengthens a bear theme, exposing 1.3335 next, the May 20 low. Initial firm resistance to watch is 1.3517, the 20-day EMA. A clear break of this average is required to highlight a potential base.
PIPELINE: Corporate Bond Update: $2B General Electric 2Pt Launched
- Date $MM Issuer (Priced *, Launch #)
- 07/22 $2B #General Electric $1B 5Y +47, $1B +10Y +62
- 07/22 $Benchmark NY Life 3Y +40, 3Y SOFR+66
- 07/22 $1.5B #Wells Fargo 2031-tap +72
- Expected Wednesday:
- 07/23 $Benchmark JFM (Japan Finance Org for Munis) 5Y SOFR+68a
