US: Trump Approval Rating Steady As Tariffs Take Centre Stage Again

Jul-09 17:31

President Donald Trump's approval rating has held relatively steady over the past couple of weeks, with a refocus on immigration and national security appearing to put a floor under his net approval. According to The New York Times, Trump's aggregated approval sits at net -8%, largely unchanged since early May.

  • According to Silver Bulletin, "44.9 percent of Americans approve of the job he’s doing and 51.5 percent disapprove. That’s a net approval rating of -6.7. Last week? It was -5.5. And the week before that it was -6.0. Over the last two weeks, Trump’s net approval on immigration (-4.2 —> -3.3), the economy (-13.0 —> -11.9), and inflation (-23.6 —> -23.8) also haven’t moved much."
  • Silver Bulletin continues, noting this week's refocus on trade and tariffs: "But Trump’s net approval on trade/tariffs has declined from -12.7 to -14.5. We may be in for some more movement on the tariff approval front in the coming weeks ... It’s unclear how all of this will shake out. But last time Trump’s tariff policy took center stage, his approval on the issue (and overall) fell rapidly."

Figure 1: Trump Approval Rating

image

Source: Silver Bulletin

Historical bullets

GBPUSD TECHS: Trend Needle Points North

Jun-09 17:30
  • RES 4: 1.3800 Round number resistance 
  • RES 3: 1.3757 1.618 proj of the Feb 28 - Apr 3 - 7 price swing
  • RES 2: 1.3681 1.500 proj of the Feb 28 - Apr 3 - 7 price swing
  • RES 1: 1.3616 High Jun 5    
  • PRICE: 1.3546 @ 15:55 BST Jun 9
  • SUP 1: 1.3453 20-day EMA
  • SUP 2: 1.3335/3288 Low May 20 / 50-day EMA
  • SUP 3: 1.3140 Low May 12 and key support
  • SUP 4: 1.3041 Low Apr 14

Trend signals in GBPUSD are unchanged and remain bullish. Last week’s  fresh cycle high, confirms a resumption of the uptrend and an extension of the price sequence of higher highs and higher lows. This opens 1.3681 next, a Fibonacci projection. Initial support to watch lies at 1.3453, the 20-day EMA. A clear break of this average would suggest potential for a deeper correction and expose the 50-day EMA, at 1.3288.    

US: FED Reverse Repo Operation

Jun-09 17:20

RRP usage rises to $179.315B this afternoon from $149.284B Friday, total number of counterparties at 37. Usage had fallen to $54.772B on Wednesday, April 16 -- lowest level since April 2021. Conversely, usage had surged to the highest level since December 31, 2024 on Monday, March 31: $399.167B.

Reverse Repo 06092025

SOFR OPTIONS: Oct'25 SOFR Midcurve Put Trees

Jun-09 17:17
  • +10,000 0QV5 95.87/96.12/96.37 put trees, 4.0 ref 96.625