SLOVAKIA: MEPs Push For Commission To Suspend EU Funds, But Long Process Ahead

US President Donald Trump posts on Truth Social: "The Country of France wouldn’t let planes headed to Israel, loaded up with military supplies, fly over French territory. France has been VERY UNHELPFUL with respect to the “Butcher of Iran,” who has been successfully eliminated! The U.S.A. will REMEMBER!!! President DJT"

• In a post only minutes earlier (see IRAN: Trump Raises Prospect of Leaving Hormuz Closure to Others), Trump singled out the UK over its alleged inaction with regards to the war in Iran.
• Reports today suggest that the Italian military has refused permission for the US to use the Sigonella base in eastern Sicily to land bombers ahead of their planned travel on to the Middle East. PM Giorgia Meloni, usually a staunch ally of Trump, has said previously that the war is "outside the scope of international law" and that Italy will play no part. It remains to be seen if Trump includes Italy alongside the UK and France in any future flurry of posts.
• Trump's comments today continue his recent criticism of NATO members for perceived inaction with regards to the war in Iran, with Trump demanding they become actively involved in naval and military operations to strike Iran. For their part, some NATO countries have engaged in defensive operations intended to protect Gulf allies.
• France's armed forces chief coordinated a call last week involving 35 nations intended to discuss security around the Strait of Hormuz, but any operations have been emphasised as only starting once the main hostilities between US/Israel and Iran have died down. 

• Treasuries blip higher, retrace slightly following Pres Trump's latest tweet re: Iran, Hormuz Straight while urging Europe to "just TAKE IT".
• TYYM6 tapped 111-00.5 vs. 111-02 overnight high, trades 110-31 last (+5), firm resistance is seen at 111-10+, the 20-day EMA. Note that a stronger correction would allow an oversold condition to unwind.
• Cross asset: US$ dips (Bbg BBDXY -.51 at 1221.89), stocks gain (spx emini 1.08%). Crude pares gain, WTI +1.96%.

• In FX, the trend condition in EURUSD remains bearish and recent short-term gains appear to have been corrective. Resistance at the 20-day EMA, at 1.1578, has been pierced but remains intact - for now. A more important resistance is at the 50-day EMA, currently at 1.1652. The bear trigger lies at 1.1411, the Mar 13 and 16 low. Clearance of this support would resume the downtrend.
• The trend condition in GBPUSD remains bearish - moving average studies are in a bear mode position highlighting a dominant downtrend. Monday’s breach of support at 1.3219, the Mar 13 low, strengthens a bear theme and confirms a resumption of the downtrend. This opens 1.3125, the Nov 26 ‘25 low. Resistance to watch is at the 50-day EMA, at 1.3422.
• The trend needle in USDJPY continues to point north and the breach of the 160.00 handle strengthens the bullish condition. Note that moving average studies remain in a bull-mode position, highlighting a dominant medium-term uptrend. Sights are on 160.79 next, a 1.500 projection of the Jan 27 - Feb - 12 price swing. Initial firm support lies at 157.37, the 50-day EMA.