US: Trump's Address To Congress Get Good Grades From Viewers
CBS/YouGov reports that a “large majority of speech watchers approved of what they heard from President Trump's joint address to Congress Tuesday night,” noting that “the viewership was heavily Republican”.
- CBS notes: “Most speech viewers described the president as "presidential, "inspiring" and more "unifying" than "divisive." A big majority also called it "entertaining."”
- CNN notes: “The Republican-heavy audience that tuned in to hear President Donald Trump’s speech on Tuesday greeted it with tempered positivity, according to a CNN poll conducted by SSRS.”
- The polling will provide a boost for Trump who saw his approval rating turn negative for the first time of his second term this week, according to 538.
Figure 1: Views of Trump’s Speech, Among Speech Watchers
Source: YouGov
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US: FED Reverse Repo Operation
RRP usage falls back below $100B again -- to $97.781B this afternoon from $187.913B Friday. Compares to Monday, January 27 usage of $92.863B - the lowest level since mid-April 2021. The number of counterparties falls to 39 from 57 prior.
US TSY FUTURES: Heavy Buying on Latest Tariff Headlines
- Treasury futures see heavy round of buying last couple minutes, over 50,000 TYH5 from 109-02 to -05.5, pushing total volume to 2.2M for the contract, following the latest tariff headlines where Pres Trump said he "had good talk with Trudeau".
- Less positive, Trump follows with "E’RE NOT TREATED WELL BY CANADA WE DON’T NEED CANADIAN CARS, LUMBER, AGRICULTURE WOULDN’T MIND MAKING OUR CARS IN THE UNITED STATES" Rtrs.
- "HAVEN’T AGREED WITH MEXICO ON TARIFFS YET" Bbg after earlier headlines noted delay of tariffs to early May.
- The TYH5 contract trades 109-05 last, off early session high of 109-15.5, through initial technical resistance of 109-10.5 (50-day EMA), next level 109-31 (High Dec 18).
EURUSD TECHS: Fresh Cycle Low
- RES 4: 1.0533 High Jan 27 and a key resistance
- RES 3: 1.0450 50-day EMA
- RES 2: 1.0350 Low Jan 31 and a gap high on the daily chart
- RES 1: 1.0335 High Feb 3
- PRICE: 1.0304 @ 16:44 GMT Feb 3
- SUP 1: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
- SUP 2: 1.0031 2.00 proj of the Sep 25 - Oct 23 - Nov 5 price swing
- SUP 3: 1.0000 Psychological round number
- SUP 4: 0.9947 76.4% of the Sep 28 ‘22 - Jul 18’23 bull leg
EURUSD is trading in a volatile manner. Monday’s gap lower and fresh cycle low, highlights a resumption of the downtrend. Moving average studies are in a bear-mode position and attention is on 1.0138, the 1.764 projection of the Sep 25 - Oct 23 - Nov 5 price swing. Clearance of this level would open 1.0031, the 2.00 projection. Initial resistance is at 1.0335, Monday’s intraday high and a gap low on the daily chart.
