IRAN: Iran to Issue Letter to Americans

• RES 4: 114-19+ 2.236 projection of the Feb 19 - 23 - 25 price swing 
• RES 3: 114-14   2.000 projection of the Feb 19 - 23 - 25 price swing
• RES 2: 114-08+ 1.764 projection of the Feb 19 - 23 - 25 price swing
• RES 1: 114-06   Intraday high
• PRICE:‌‌ 113-01+ @ 17:17 GMT Mar 2
• SUP 1: 113-00+ Low Mar 2
• SUP 2: 112-24   20-day EMA    
• SUP 3: 112-22   Low Feb 20
• SUP 4: 111-28   Low Feb 11

The early rally in Treasury prices reversed into the Monday close, with broad bond weakness defining the reaction to the Iran strikes. Prices edged through last week’s lows into the London close, with support at 112-24 now within range. This helps alleviate the overbought condition and a pullback from here would allow this positioning to unwind. Resistance at 113-11+, the Feb 17 high and a short-term bull trigger, has been breached. This has been followed by a move above 113-18, the Nov 25 ‘25 high, signalling scope for 114-08+ next, a Fibonacci projection. 

• US Data/Speaker Calendar (prior, estimate). All times ET
• 03/03   --    Wards Total Vehicle Sales
• 03/03 0955 NY Fed Williams moderated discussion
• 03/03 1130 US Tsy $90B 6W bill auction
• 03/03 1155 MN Fed Kashkari Bbg investment conf
• Source: Bloomberg Finance L.P. / MNI

US President Donald Trump has spoken on Iran ahead of a Medal of Honor ceremony at the White House. LIVESTREAM. Trump says that the US is "still carrying out large-scale operations." He justifies military action because Iran "refused to cease its nuclear aspirations" and Iran's ballistic missile programme "acted as a shield" to its nuclear weapons programme. 

• Trump: "For almost 47 years, this regime has been attacking the US... This was our last best chance to strike and eliminate the intolerable threats posed by the regime..."
• He later adds, "we will easily prevail" and says the US "already substantially ahead of its time projections." Adds that the US will do "whatever it takes."  He says, "we projected four to five weeks but have capability to go far longer. We'll do it. I don't get bored. There's nothing boring about this."
• Trump says the US objectives are clear: "First, we're destroying Iran's missile capabilities... and capacity to produce brand new ones... "
• Trump continues, "Second, we're annihilating their navy. Third, we're assuring that the world's number one sponsor of terror can never have a nuclear weapon. And finally, we're ensuring that the Iranian regime can not continue to arm and fund terrorist armies outside their borders."