US: Trump Remarks At White House Underway Shortly
President Donald Trump is shortly due to deliver remarks at the White House on Social Security. LIVESTREAM White House Press Secretary Karoline Leavitt said in a statement earlier: "President Trump will issue a Presidential Proclamation honoring the 90th anniversary of the Social Security Act, which will tout his administration's achievements in improving the program."
- The proclamation will say, per Fox News: "To this day, Social Security is rooted in a simple promise: those who gave their careers to building our Nation will always have the support, stability, and relief they deserve. Thanks to my Administration’s efforts, Social Security now stands stronger and more resilient than ever before."
- Fox notes that Trump will "tout his administration's achievements in improving the program, including legislative provisions that will help the vast majority of seniors pay "zero tax" on their social security benefits."
- While the focus of the event is the Social Security proclamation, Trump is likely to speak widely on a range of issues, including tomorrow's summit with Russian President Vladimir Putin in Alaska.
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EURUSD TECHS: Clean Break of 20-Day EMA
- RES 4: 1.1969 2.0% 10-dma envelope
- RES 3: 1.1923 2.000 proj of the Feb 28 - Mar 18 - 27 price swing
- RES 2: 1.1851 High Sep 10 2021
- RES 1: 1.1765/1829 High Jul 08 / 01 and the bull trigger
- PRICE: 1.1610 @ 16:29 BST Jul 15
- SUP 1: 1.1609 Low Jul 15
- SUP 2: 1.1575 Low Jul 24
- SUP 3: 1.1495-day EMA
- SUP 4: 1.1446 Low Jun 19
A corrective cycle in EURUSD remains in play and the pair is trading lower again, today. The trend condition is bullish with moving average studies continuing to highlight a dominant uptrend. Support to watch was 1.1661, 20-day EMA. The piercing of this level has given way to a clear break and signals strong scope for a deeper retracement. This shifts focus to the 50-day EMA at 1.1501. For bulls, a resumption of gains would open 1.1851, the Sep 10 2021 high.
LOOK AHEAD: Wednesday Data Calendar: PPI, Fed Speakers, Beige Book
- US Data/Speaker Calendar (prior, estimate)
- 07/16 0700 MBA Mortgage Applications (9.4%, --)
- 07/16 0800 Richmond Fed Barkin on forecasting data (text, Q&A)
- 07/16 0830 PPI Final Demand MoM (0.1%, 0.2%), YoY (2.6%, 2.5%)
- 07/16 0830 PPI Ex Food and Energy MoM (0.1%, 0.2%), YoY (3.0%, 2.7%)
- 07/16 0830 PPI Ex Food, Energy, Trade MoM (0.1%, 0.2%), YoY (2.7%, --)
- 07/16 0830 New York Fed Services Business Activity (-13.2, --)
- 07/16 0915 Industrial Production MoM (-0.2%, 0.1%), Cap-U (77.4%, 77.4%)
- 07/16 0915 Cleveland Fed Hammack on community development (text, no Q&A)
- 07/16 1000 Fed Gov Barr on financial regulation (text, Q&A)
- 07/16 1400 Fed Beige Book
- 07/16 1730 NY Fed Williams on economic outlook/policy
- Source: Bloomberg Finance L.P. / MNI
OPTIONS: Spread Buying Seen Across Euribor And Sonia
Tuesday's Europe rates/bond options flow included:
- RXU5 128/127/126/125 put condor 7K given at 13/12
- RXU5 123.50 puts paper paid 3 on +4.5K
- ERU5 97.875/98.00 call spread 14K given at 11
- ERZ5 98.50/98.25 1x2 put spread 4.5K sold down to 6
- SFIZ5 96.25/96.05/95.85 put fly paper paid 3.25 on 5.5K. Was also lifted in 5.5K Monday
- SFIM6 97.40/97.50 call spread paper paid 1.25 on 10K
