ENERGY: MNI: BAKER HUGHES US RIG COUNT 539; OIL RIGS 411; GAS RIGS 123

• US TSY 9Y-10M NOTE AUCTION: HIGH YLD 4.362%; ALLOTMENT 94.68%
• US TSY 9Y-10M NOTE AUCTION: DEALERS TAKE 10.87% OF COMPETITIVES
• US TSY 9Y-10M NOTE AUCTION: DIRECTS TAKE 23.70% OF COMPETITIVES
• US TSY 9Y-10M NOTE AUCTION: INDIRECTS TAKE 65.42% OF COMPETITIVES
• US TSY 9Y-10M AUCTION: BID/CVR 2.61

• RES 4: 1.1979 2.0% 10-dma envelope
• RES 3: 1.1923 2.000 proj of the Feb 28 - Mar 18 - 27 price swing
• RES 2: 1.1851 High Sep 10 2021 
• RES 1: 1.1829 High Jul 01 and the bull trigger 
• PRICE: 1.1711 @ 16:15 BST Jul 9
• SUP 1: 1.1687 Low Jul 7
• SUP 2: 1.1637 20-day EMA
• SUP 3: 1.1590 Low Jun 25  
• SUP 4: 1.1458 50-day EMA

The latest pullback in EURUSD appears corrective. The trend condition is unchanged, it remains bullish - moving average studies continue to highlight a dominant medium-term uptrend. Note too that corrections have been shallow. This also reinforces the trend condition. A resumption of gains would signal scope for a climb to 1.1851, the Sep 10 2021 high. Key short-term support to watch lies at 1.1646, the 20-day EMA.

• From President Trump's latest letter sent via Truth Social:
• "Starting on August 1, 2025, we will charge Sri Lanka a Tariff of only 30% on any and all Sri Lankan products sent into the United States, separate from all Sectoral Tariffs. Goods transshipped to evade a higher Tariff will be subject to that higher Tariff. Please understand that the 30% number is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country."