MNI: UK SEP CBI INDUSTRIAL TRENDS TOTAL ORDERS -18

First Vice President of the European Commission and Exec VP for the European Green Deal Frans Timmermans resigned his positions within the Commission on 22 August in order to run for the Dutch premiership as head of a left-wing/green bloc. Commission President Ursula von der Leyen then confirmed that Vice-President of the European Commission for Interinstitutional Relations Maroš Šefčovič had been appointed to replace Timmermans in both positions. The shift is a notable shake-up within the Commission, with Timmermans and Šefčovič effectively seen as the second and third-highest ranking members of the Commission behind VdL since 2019.

• Šefčovič's most prominent role in recent years has been in leading EU talks with the UK following the latter's exit from the bloc, and in the wake of the Russian invasion of Ukraine led the bloc's joint gas purchase initiative.
• Timmermans' departure comes at a difficult time for the Commission regarding the Green Deal, with Politico reporting that "Šefčovič takes the post at a perilous moment for EU climate policy. EU efforts to reduce greenhouse gases are being met with growing resistance as concerns mount over the costs to business and mandatory interventions into everyday life."
• There is increasing pushback on green measures- seen as pushing up costs for consumers and businesses already struggling with high inflation - from VdL's own centre-right European People's Party (EPP) political grouping as well as the conservative ECR and right-wing ID blocs.

• RES 4: 1.1150 High Jul 27
• RES 3: 1.1065 High Aug 10 and a key resistance
• RES 2: 1.1005 High AUg 11
• RES 1: 1.0940 20-day EMA
• PRICE: 1.0815 @ 10:51 BST Aug 23
• SUP 1: 1.0804 Low Jun 15
• SUP 2: 1.0799 1.0% 10-dma envelope
• SUP 3: 1.0765 Bull channel base drawn from the Mar 15 low
• SUP 4: 1.0733 Low Jun 12

The trend needle in EURUSD continues to point south and today’s move lower reinforces the current bearish condition. The pair has traded to fresh cycle low this week and has cleared support at 1.0834 in the process, the Aug 22 low. Price is trading lower inside a bull channel drawn from the Mar 15 low. The base lies at 1.0765 and represents the next objective. Initial firm resistance is seen at 1.0940, the 20-day EMA.