EU CONSUMER STAPLES: Keurig Dr Pepper: Final (x2)

Speaking to Fox Business Network, US Trade Representative Jamieson Greer says that the US is entering talks with Mexico "right now" regarding the US-Mexico-Canada Agreement (USMCA) trade deal re-negotiation. Says that negotiations will continue on a bilateral basis. Acknowledges that amid cratering ties with Canada, talks on the USMCA with Ottawa are "more challenging". Trump's latest threat to stop the opening of a bridge linking Canada and the US risks further deterioration, with Greer saying the President has 'valid concerns'. 

• On trade with India, Greer claims that India is "very committed" to the interim deal announced last week. Significant questions remain on the details of the agreement in relation to oil, energy and agricultural products. Greer claims that India has already "started winding down purchases of Russian energy", and that the US has talked to the gov't of PM Narendra Modi about oil from Venezuela. Says as part of a change in global trade flows, India could be a stationg to shift supply chains around.
• Greer says that he has regular talks with his Chinese counterparts, and that more discussions should be expected ahead of the meeting between Presidents Donald Trump and Xi Jinping in April. Calls the US-China trade relationship "stable".
• Claims that he expected Indonesia to be the next "big one" in terms of trade deals, with the finalisation of an agreement "in the next couple of weeks." Indonesia’s envoy for International Trade and Multilateral Cooperation, Mari Pangestu, said to CNA last week that Jakarta would be looking for preferential access to US markets below the proposed 19% 'reciprocal' tariff previously announced by Trump. 

• EUR/USD: Feb11 $1.1820-30(E1.2bln), $1.2000(E1.8bln); Feb12 $1.1750(E1.3bln); Feb13 $1.1800(E2.7bln), $1.1850(E2.5bln), $1.1950(E2.1bln)
• USD/JPY: Feb11 Y156.45-60($2.2bln); Feb13 Y155.00($1.2bln), Y156.00($1.2bln), Y158.50($1.6bln), Y159.00($2.0bln), Y160.00($3.1bln)
• AUD/USD: Feb13 $0.6800(A$1.6bln)
• USD/CNY: Feb12 Cny6.9000($1.1bln); Feb13 Cny6.9700($1.2bln)

• 4,000 SOFR White packs (SFRH6-SFRZ6) +0.005 at 0658:57ET, most likely swap-tied seller with spreads running wider in the short end