EURIBOR OPTIONS: Put Condor buyer

• RES 4: 167.40 61.8% retracement of the Jul 11 - Aug ‘24 sell-off 
• RES 3: 166.69 High Oct 31 2024 and a key resistance          
• RES 2: 166.14 2.0% 10-dma envelope  
• RES 1: 165.43 High Nov 8 2024
• PRICE: 164.86 @ 15:15 GMT May 12
• SUP 1: 162.61 20-day EMA     
• SUP 2: 161.88/60 50-day EMA / Low May 6
• SUP 3: 160.99 Low Apr 22  
• SUP 4: 159.48 Low Apr 9  

A bullish theme in EURJPY remains intact. Today’s gains reinforce this condition and have resulted in a move above the 164.63, Mar 18 high. A clear break of this hurdle would confirm a resumption of the uptrend and pave the way for a climb towards 165.43, the Nov 8 ‘24 high. Moving average studies are in a bull mode position, highlighting a dominant uptrend. Support to watch is 161.88, the 50-day EMA.

Mann's panel has concluded. She was asked at the end when the BOE would drop the word "restrictive". She simply answered "When it's appropriate."

Speaking in a press conference, US President Donald Trump says that the pause in reciprocal tariffs with China announced earlier this morning does not include tariffs on cars, steel, aluminium, or pharmaceuticals. Says that the talks in Geneva were friendly, adding, "We achieved a total reset with China." Says that he "will speak to [Chinese President Xi Jinping a the end of the week maybe". 

• Trump claims that China "agreed to open up", and that China will "suspend its non-monetary barriers". Trump says he talked to Apple CEO Tim Cook earlier this morning, claiming that "Cook will build a lot in the US." Claims that "they're going to stop that", referring to fentanyl supplies reaching the US, which Trump alleges originate in China.
• For the latest on the agreement announced earlier this morning, see our latest US Daily Brief.