CEE FX: Sell-Off Fades as Equities Recover From Earlier Lows

The White House has published a fact sheet claiming that US President Donald Trump has signed an "agreement with Qatar to generate an economic exchange worth at least $1.2 trillion." The announcement is the second major investment deal of Trump's Middle East trip, following a deal with Saudi Arabia yesterday worth $600B, per the White House. 

• The White House notes that the Qatar agreement includes separate deals, "totaling more than $243.5 billion between the United States and Qatar, including an historic sale of Boeing aircraft and GE Aerospace engines to Qatar Airways."
• Like the Saudi deal, the Qatar agreement includes defence contracts aimed at "enhancing regional deterrence and benefitting the U.S. industrial base."
• The Qatar deal is likely to be met with some sceptiscm from analysts, who have pointed at similar prelimary investment agreements struck during Trump's first term that failed to materialise.
• Axios notes on yesterday's Saudi deal: “An itemized list provided by the White House doesn't come close to $600 billion. It works out to $282.8 billion — nearly 30% of which involves private-sector tech investments "in both countries." The remainder seems to fall under the unenumerated umbrella of "many other deals," 

• US TSY 17W BILL AUCTION: HIGH 4.240%(ALLOT 92.41%)
• US TSY 17W BILL AUCTION: DEALERS TAKE 34.43% OF COMPETITIVES
• US TSY 17W BILL AUCTION: DIRECTS TAKE 4.51% OF COMPETITIVES
• US TSY 17W BILL AUCTION: INDIRECTS TAKE 61.06% OF COMPETITIVES
• US TSY 17W BILL AUCTION: BID/CVR 3.28

• -5,000 FVM5 107-13.5, sell through 107-13.75 post time bid at 1114:16ET, DV01 $320,000.
• The 5Y contract trades 107-13 last (-2.75).