US-EU: Sefcovic: "Productive Discussion" w/USTR, "Advancing In Right Direction"
EU Trade Commissioner Maros Sefcovic posts on X: "Had a productive and constructive discussion with [USTR Jamieson Greer] on the margins of the OECD Trade Ministerial. We're advancing in the right direction at pace - and staying in close contact to maintain the momentum." Following US President Donald Trump's announcement of a 50% tariff on the EU (delayed until 9 July), Sefcovic has pledged that calls would take place between EU and US teams at least every other day in order to try and reach an agreement. However, Trump's signing of a directive raising steel and aluminium tariffs to 50% as well as the 'reciprocal' tariffs could further muddy the waters.
- Speaking on 3 June, European Commission trade spox Olof Gill claimed that technical-level talks on 2 June were "very constructive", but that the Commission "would not be providing a running commentary" on talks.
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EQUITIES: Large Stoxx600 Option trade
SXXP (16th May) 550c, bought for 0.70 in 14k.
AUD: Another push higher for the Aussie
- The Aussie finds another round of demand, the G10 worst performers are the USD, CAD, GBP and the SEK in that order.
- The AUD is up across all the majors, putting aside the TWD which is up 1.60%, with Overnight desks suggesting some Exporter demand in TWD.
- Next immediate support in EURAUD is seen at 1.74536 (prices are according to Bloomberg), the very short term 76.4% retracement taken from the 2nd April Tariffs day.
(Chart source: MNI/Bloomberg).
OPTIONS: Expiries for May05 NY cut 1000ET (Source DTCC)
- EUR/USD: $1.1073(E2.4bln), $1.1100($1.5bln), $1.1120-25(E1.1bln), $1.1190-00(E2.0bln), $1.1285-00(E3.0bln), $1.1400(E636mln)
- GBP/USD: $1.3100-20(Gbp529mln)
- EUR/GBP: Gbp0.8525(E740mln)
- AUD/USD: $0.6500(A$509mln), $0.6550-60(A$1.0bln), $0.6635-45(A$1.1bln)
- USD/CAD: C$1.3865-70($2.6bln)
