US-RUSSIA: NY Post: WH Off-Trump Only Meets Putin If Commits To Zelenskyy Talks
The New York Post reports that, according to a White House official, US President Donald Trump will only meet with President Vladimir Putin for bilateral talks if the Russian leader also commits to a face-to-face meeting with Ukrainian President Volodymyr Zelenskyy.
- The Kremlin claimed earlier on 7 August that the US and Russia had committed to a leaders' summit as soon as next week, with preparations underway. However, this was not confirmed by the White House, and in a presser on 6 August, Trump spoke of a three-way meeting. Kremlin aide Yuri Ushakov said that Moscow had not offered comment on a trialteral meeting, and claimed focus should be on a Trump-Putin summit.
- State-run Tass reports that Putin said he is not against a meeting in person with Zelenskyy. However, in comments that would appear to downplay the chances of a trilateral following shortly after a bilateral, Putin stated, "I have already said many times that I have nothing against it in general, it is possible. But for this to happen, certain conditions must be created. Unfortunately, we are still far from creating such conditions."
- The location of any such talks remains undecided, with Turkey, the UAE, and Saudi Arabia frontrunners at present.
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OPTIONS: Expiries for Jul09 NY cut 1000ET (Source DTCC)
- EUR/USD: $1.1600(E536mln), $1.1675-90(E742mln), $1.1700(E1.7bln)
- USD/JPY: Y144.00-10($1.4bln), Y144.50($860mln)
- EUR/GBP: Gbp0.8655-65(E633mln)
- AUD/USD: $0.6425(A$700mln), $0.6550(A$557mln)
- NZD/USD: $0.6075(N$519mln)
TARIFFS: Trump On Truth: August 1 Deadline Reasserted
Trump on Truth Social: Donald J. Trump
@realDonaldTrump
As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted. Thank you for your attention to this matter!
NZD: NZDUSD Edging Lower Ahead of RBNZ
- Unlike its antipodean counterpart, the firmer greenback on Tuesday is allowing NZD (-0.25%) to extend this week’s decline, notable given the proximity to Wednesday’s RBNZ decision. While sell-side consensus is for the RBNZ to remain on hold (consistent with market pricing), there are some forecasters looking for a rate cut tomorrow.
- Recent inflation outcomes arguably provide the strongest signal that the RBNZ should hold pat but in contrast, growth indicators are still arguing for easier policy settings. While the central bank is likely to be comfortable to preserve policy space at this juncture, it is likely to leave the door ajar for further policy support given headwinds to domestic growth. The MNI preview is here: https://mni.marketnews.com/4nxxl4h
- For NZDUSD, today’s weakness has closed the gap to an important support level at 0.5984, the 50-day EMA. A close below this average would mark the first daily close below since April 09, threatening the bullish underlying trend. Below here, 0.5883 would be the next target before 0.5847, the double bottom seen in mid-May and an important pivot support.
- As noted earlier, AUDNZD has had a solid 0.5% bounce to a six-week high of 1.0887. Trendline support drawn from the April lows has helped underpin the latest recovery, targeting a more protracted bounce to 1.0922 and the early April highs just above 1.10.
Source: Bloomberg Finance L.P. / MNI
