TARIFFS: Trump: To Initiate 10% Global Tariff Under Section 122

• RES 4: 1.3726 High Sep 17 and a key resistance     
• RES 3: 1.3661 High Sep 18
• RES 2: 1.3607 2.764 proj of the Nov 4 - 13 - 20 price swing
• RES 1: 1.3495/3568 High Jan 13 / 6 and the bull trigger
• PRICE: 1.3430 @ 17:11 GMT Jan 21
• SUP 1: 1.3331 Low Jan 19 and the bear trigger 
• SUP 2: 1.3312 Low Dec 17
• SUP 3: 1.3289 50.0% retracement of the Nov 4 - Jan 6 bull leg
• SUP 4: 1.3223 61.8% retracement of the Nov 4 - Jan 6 bull leg

A recovery in GBPUSD from Monday's low highlights a potential early reversal signal. Initial key resistance to watch is at 1.3495, the Jan 13 high. A stronger recovery and a move above this short-term hurdle would strengthen the reversal threat. On the downside, support to watch lies at the Jan 19 low of 1.3331. Clearance of it would confirm a resumption of the recent bear cycle and open 1.3312, the Dec 17 low.     

A new YouGov survey has found, “A large majority of Americans remain opposed to the US using military force to take control of Greenland," and "Nearly twice as many are opposed to purchasing Greenland as support doing so.”

• The survey notes, “Republicans are also far more likely to oppose than support a US military takeover of Greenland (52% vs. 22%)… Republican views on the use of military force in Greenland have solidified in the past week. The share of Republicans saying they are not sure fell from 37% to 26%. The share who are opposed rose 7 points and the share who are in favor rose 4 points.”
  Specififcally on purchasing Greenland, which US President Donald Trump hinted at during his Davos speech today: "29% of Americans say they would support the US purchasing Greenland, while 51% are opposed. Republicans are significantly more likely to support purchasing Greenland than they are to support using military force to take control of it (58% vs. 22%) Vast majorities of Democrats oppose purchasing Greenland and using military force to take it over (84% vs. 92%)."

Figure 1: Do you support or oppose the US…?

Source: YouGov

• Date $MM Issuer (Priced *, Launch #)
• 01/21 $3.5B *Ontario 3Y SOFR+34
• 01/21 $3B #PNC Financial $1.2B 3NC2 +48, $300M 3NC2 SOFR+62, $1.5B 15NC10 +117
• 01/21 $750M #KeyCorp 11NC10 +105
• 01/20 $500M *Israel Electric Corp WNG 12Y +135
• 01/21 $Benchmark US Bancorp 6NC5 +65, 11NC10 +78 (6NC5 SOFR leg dropped)
• 01/21 $Benchmark CIBC 4NC3 +63, 4NC3 SOFR+80
• 01/21 $750M Nielsen 7NC3