SPAIN: Spain Has Agreed To Cooperate With US Military - White House Press Sec
Mar-04 18:41
- White House Press Secretary Leavitt says in a press briefing that Spain has agreed to cooperate with the US military, after President Trump yesterday threatened to cut off all trade with Spain in retaliation for a lack of access to its military bases.
- As noted yesterday, Spain operated a goods trade deficit with the US worth 0.5% of Spanish GDP in 2025, dominated by imports of US energy, with a services surplus broadly offsetting this.
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GBPUSD TECHS: Corrective Cycle
Feb-02 18:30
- RES 4: 1.3913 High Sep 14 2021
- RES 3: 1.3889 1.00 proj of the Nov 4 - Jan 6 - Jan 19 price swing
- RES 2: 1.3868 High Jan 27 and the bull trigger
- RES 1: 1.3814 High Jan 30
- PRICE: 1.3640 @ 16:09 GMT Feb 02
- SUP 1: 1.3623 Low Feb 02
- SUP 2: 1.3578 20-day EMA
- SUP 3: 1.3471 25-day EMA
- SUP 4: 1.3402 Low Jan 22
GBPUSD has pulled back from its recent highs. The move down is considered corrective and a continuation lower would allow a recent overbought condition to unwind. The initial firm support to watch is at the 20-day EMA, at 1.3578. Support at the 50-day EMA lies at 1.3471. The medium-term trend theme remains bullish. The bull trigger has been defined at 1.3868, the Jan 27 high.
PIPELINE: Corporate Bond Roundup: Oracle 8Pt Guidance Update
Feb-02 18:29
- Date $MM Issuer (Priced *, Launch #)
- 02/02 $Benchmark Oracle 3Y +95, 3Y SOFR, 5Y +115, +7Y +130, 10Y +145, 20Y +170, 30Y +180, 40Y +195
- 02/02 $2.6B #GE Vernova $600M 5Y +45, $1B 10Y +65, $1B 30Y +78
US: Immigration Grows As Liability For Trump And GOP
Feb-02 18:27
The Wall Street Journal reports that blowback from US President Donald Trump's hardline immigration stance "risks turning one of his signature issues into a liability" for Republicans in the midterm elections.
- The Journal reports a growing number of Americans, including those who voted for the president, are “souring on his immigration agenda amid tactics that have led to clashes with protesters in places including Minneapolis. The shifting view on Trump’s handling of immigration comes after he tapped into voters’ concerns around the issue to win back the White House.”
- Silver Bulletin reports, “The polls have not been kind to Donald Trump [last] week. As of today, his net approval rating in our average is down to -14.3. That’s better than his second term low of -15.0, but not by much.”
- “Drilling down into that number, the share of Americans who strongly disapprove of the job Trump is doing hit a second term high of 45.7 percent yesterday. Comparatively few Americans — 24.2 percent — strongly approve of Trump,” continues SB, speculating that Trump’s numbers might decline further in the coming days.
Figure 1: % View Among Voters on Trump’s Policy Areas
Source: Wall Street Journal
