OIL: More on Russia Sanctions Later on Wednesday: Rubio

The Eurogroup meeting of eurozone finance ministers has formally re-elected incumbent president, Ireland's Finance Minister Paschal Donohoe, for a third two-and-a-half-year term. Earlier today, Spain's Carlos Cuerpo and Lithuania's Rimantas Sadzius both confirmed the withdrawal of their bids to replace Donohoe, each stating that they did not have the required support to oust the incumbent. In late June, MNI's Policy team highlighted the threats to Cuerpo's run for the presidency posed by frustrations over a thwarted banking merger and anger among other European nations at Spain's intransigence on hitting elevated NATO defence spending targets. 

• The Eurogroup president's duties include setting the agenda for meetings of finance ministers, drawing up the Eurogroup's long-term work programme, and representing the Eurogroup in international forums and to the European Parliament. 

• EUR/USD: Jul09 $1.1700(E1.7bln); Jul10 $1.1650(E2.1bln), $1.1800(E1.3bln); Jul11 $1.1770(E2.0bln)
• USD/JPY: Jul09 Y144.00-10($1.4bln); Jul10 Y143.95-15($1.0bln), Y144.70-90($1.3bln)

• RES 4: 113-07   76.4% retracement of the Apr 7 - 11 bear leg 
• RES 3: 112-23   High May 1 and key resistance
• RES 2: 112-12+/15 High Jul 1 / 61.8% of the Apr 7 - 11 sell-off
• RES 1: 111-28   High Jul 3  
• PRICE:‌‌ 110-31+ @ 16:08 BST Jul 07
• SUP 1: 110-31   50-day EMA        
• SUP 2: 110-16   Low Jun 20
• SUP 3: 110-10+ Low Jun 16 
• SUP 4: 110-03 76.4% of the May 22 - Jul 1 bull leg 

A bull cycle in Treasury futures is intact and - for now - the latest pullback appears corrective. The contract remains above a key support at 110-31, the 50-day EMA, and the Jul 3 low. A clear break of this average would signal scope for a deeper correction and highlight a possible reversal. For bulls, a resumption of gains would open 112-15, the 61.8% retracement of the Apr 7 - 11 steep sell-off. Initial resistance is at 111-28, the Jul 3 high.