UK: Starmer Expected To Press Trump On Steel Tariffs During Scotland Visit
US President Donald Trump begins a multi-day visit to Scotland today (25 July), in a visit that is expected to be relatively low-key in comparison to Trump's other foreign trips. Prime Minister Sir Keir Starmer is set to meet with Trump on Monday, 28 July, with reports suggesting that while the September state visit will be the primary opportunity for detailed negotiations on bilateral issues, Starmer may look to press the US president on the issue of steel tariffs.
- FT: "The immediate priority for Downing Street is an agreement on steel tariffs, with UK and US officials discussing proposals to end the impasse in recent days. Trump has said he and Starmer would meet to “refine the trade deal that we made”.[...] That trade deal, unveiled by Trump on May 8, has led to lower tariffs for British carmakers and aerospace manufacturers, but steel producers have had to wait longer because of US concerns about UK supply chains."
- The two are also expected to discuss the geopolitical situations in Ukraine and the Middle East, while the FT also reports Starmer will look to push for exemptions or reduced tariffs for Scotch whisky and UK pharmaceuticals.
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- EUR/USD: Jun26 $1.1600(E4.2bln), $1.1625(E1.1bln), $1.1700(E3.6bln); Jun27 $1.1400(E1.2bln), $1.1415-25(E1.1bln); Jun30 $1.1650(E2.0bln), $1.1700(E1.1bln)
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- AUD/USD: Jun26 $0.6500(A$2.0bln)
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CROSS ASSET: German Yield Update, Euribor Ted spread tick higher
A quick update for the German 10yr Yield, Today reference 130.64:
- 2.60% = 130.07 (this is the main support to watch).
For EUR Rates, the slight outperformance in the Front white Euribor strip, continues to help the likes ERZ5 Ted spread off the June low printed last Week (see Chart), which was also its lowest level since Early May.
Nonetheless, the Push lower in German Schatz led by Bund, sees 6k just sold in ERZ5.
(Chart Source: Bloombeg Finace LP/MNI).
