LNG: Spain's First Full LNG Reexport To Egypt Since April 2024: Platts

New data from Morning Consult shows that consumer sentiment is increasing amongst high earners, but stagnating at lower levels. The discrepancy is likely due to lower stock market participation and lower homeownership amongst lower income groups.

• Axios notes: “The difference in sentiment between the top and bottom income groups is the widest since Morning Consult began tracking the data in 2018.
• Axios: “The S&P 500 has bounced back — and then some — from its April "Liberation Day" lows. A rising 401(k) drives spirits higher. But the vast majority of low-income adults don't have money invested in stocks.
• “Higher house prices make homeowners feel great [but] That does nothing for renters, except make them feel locked out of the American dream…. While overall unemployment still seems low, lower-earning adults are increasingly reporting a loss of pay or income in Morning Consult data, says chief economist John Leer.”

Figure 1: Consumer Sentiment Index, by Income Group

Source: Axios, Morning Consult

Pres Trump on Truth Social announces terms of a trade pact with the Philippines including a 19% import tariff (was 17% on "Liberation Day"):

•  @realDonaldTrump "President Ferdinand Marcos, of the Philippines, is just leaving the White House, with all of his many Representatives. It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff. In addition, we will work together Militarily. It was a Great Honor to be with the President. He is Highly Respected in his Country, as he should be. He is also a very good, and tough, negotiator. We extend our warmest regards to the wonderful people of The Philippines!"

• RES 4: 1.3835 High Oct 20 2021
• RES 3: 1.3681/3789 High Jul 04 / 01 and the bull trigger
• RES 2: 1.3620 High Jul 10
• RES 1: 1.3517 20-day EMA
• PRICE: 1.3485 @ 15:46 BST Jul 22
• SUP 1: 1.3365 Low Jul 16 and the short-term bear trigger 
• SUP 2: 1.3335 Low May 20
• SUP 3: 1.3245 Low May 19
• SUP 4: 1.3144 38.2% retracement of the Jan 13 - Jul 1 bull cycle   

GBPUSD continues to trade above its recent lows. For now, short-term gains appear corrective and a bear threat remains present. Recent weakness resulted in a break of trendline support currently at 1.3480 - drawn from the Jan 13 low. The breach strengthens a bear theme, exposing 1.3335 next, the May 20 low. Initial firm resistance to watch is 1.3517, the 20-day EMA. A clear break of this average is required to highlight a potential base.