AMERICAS OIL: Hurricane Erin Forecast to Pass South of Canada Oil Platforms

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!"

• 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.             

• 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