US: MNI POLITICAL RISK - US Daily Brief
May-15 12:22
- President Biden will meet Congressional leaders for a debt limit summit at the White House tomorrow but time to strike a deal is tight with both chambers of Congress only in session together for four days ahead of the Treasury's June 1 ‘X-date.’
- President Biden is scheduled to depart Washington for Japan on Wednesday, but the White House has indicated that Biden’s subsequent travel to Australia and Papua New Guinea may be cut, if progress isn’t made at White House talks tomorrow.
- Biden appeared to concede for the first time that 'negotiations' are now taking place in upbeat remarks to reporters yesterday. "It never is good to characterize a negotiation in the middle of a negotiation,” Biden said.
- Senate Majority Leader Chuck Schumer (D-NY) may advance the nomination of Labor Secretary candidate Julie Su, as soon as this week.
- US Ambassador to South Africa, Reuben Brigety, has apologised for claiming that South Africa covertly sold weapons to Russia.
- There is only USD$6b left in the Ukraine assistance fund, potentially teeing up a Congressional showdown in the summer.
- Poll of the Day: President Biden’s poor run of approval continues.
Full Article: US Daily Brief
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US: President Biden To Deliver Remarks At Rally In Ireland
Apr-14 20:14
US President Joe Biden is shortly due to address a crowd at a campaign-style rally in County Mayo, Ireland to conclude his three-day tour of Ireland.
- Livestream: https://www.whitehouse.gov/live/
- Reuters reports: “The tour, a celebration of his close links to his ancestral homeland and deep Catholic faith, has provided a preview of his planned 2024 re-election campaign, with enthusiastic flag-waving crowds, photo-ops with babies and long, loquacious speeches.”
AUDUSD TECHS: Fades Into Friday Close
Apr-14 19:30
- RES 4: 0.6921 High Feb 20
- RES 3: 0.6861 50.0% retracement of the Feb 2 - Mar 10 bear leg
- RES 2: 0.6824 High Feb 24
- RES 1: 0.6797 High Apr 13
- PRICE: 0.6712 @ 16:03 BST Apr 14
- SUP 1: 0.6685/6620 Low Apr 14 / 10
- SUP 2: 0.6590 Low Mar 15
- SUP 3: 0.6565/47 Low Mar 10 / 61.8% of the Oct - Feb bull cycle
- SUP 4: 0.6500 Round number support
AUDUSD topped the 50-day EMA convincingly on Thursday amid broad USD weakness. This works against the broader downtrend, leaving a break below 0.6565 - the Mar 3 low - a requirement for any resumption and continuation of the bear cycle. A continuation higher would open 0.6824, the Feb 24 high and 0.6861, a Fibonacci retracement. First support to watch is Thursday’s low at 0.6685. A breach would be seen as an early reversal signal.
US STOCKS: Real Yields Outweigh Initial Bank Optimism
Apr-14 19:22
- The S&P E-mini has pulled back off lows of 4138 but remains under pressure at 4149 at typing (-0.6%) as it unwinds half of yesterday’s push higher.
- It comes with the 10Y real yield pushing back towards session highs seen after retail sales, currently +5bps on the day with real yields behind most of the sell-off in nominal yields.
- Nasdaq trims earlier losses to see similar declines (-0.6%) whilst in banks, the KBW index (+0.7%) still sees striking contrast between large banks after positive earnings this morning and regionals currently -2.7%.
- North of the border, the TSX outperforms with 0.0%, with banks gaining +0.5%.
