TARIFFS: US' Bessent: EU Threats On Retaliatory Tariffs A Negotiating Tactic
Jul-23 11:23
Speaking to Bloomberg TV, US Treasury Secretary Scott Bessent dismisses EU threats on retaliatory tariffs against the US as a "negotiating tactic". Also claims that talks with the EU "are going better than they had been." Comes a short time after Bloomberg News reported that the EU is preparing 30% tariffs on EUR100bln of US goods if the US imposes its retaliatory tariffs on 1 Aug (see "EU: EU Plans 30% Tariffs On E100bln of Goods To US If No Deal - Bloomberg", 12:02BST).
- On talks with China, Bessent repeats comments from yesterday saying talks are on a good place, and that they can move on to bigger talks. Mentions Chinese purchase of Iranian and Russian oil again. Says that there is no specific date set for President Donald Trump's visit to China.
- Regarding the deal announced with Japan, and whether the EU could get a similar deal, Bessent says Japan "got 15% due to an innovative financing mechanism."
European Trade Commissioner Maros Sefcovic will hold talks with Commerce Secretary Howard Lutnick later today (23 July). Commission spox Olof Gill said earlier that "The EU's primary focus is on achieving a negotiated outcome with the US. Intensive technical and political level contact is ongoing,"
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EQUITY TECHS: CEEMEA FX Price Signal Summary - EURHUF Resistance Intact
Jun-23 11:23
- EURHUF is holding on to its recent gains. The latest recovery appears corrective and a bear cycle is in play. The cross has recently moved through support at 401.53, the May 19 low and a bear trigger. Clearance of this level confirms a resumption of the downtrend. The 400.00 handle has been pierced and sights are on and 399.03, the Apr 2 low. A break of this level would open 397.01, the Mar 21 low. On the upside, key short-term resistance to watch is 404.65, the May 27 high. Clearance of this hurdle would highlight a potential reversal, and instead open 406.95, the May 9 high.
- EURPLN continues to trade below its recent highs. Short-term gains are considered corrective - for now. The reversal from the May 19 high highlights a potential bearish threat and attention is on key short-term support at 4.2230, the May 15 low. Clearance of this level would strengthen a bearish theme and expose the 4.2000 handle. On the upside, key resistance to watch has been defined at 4.3102, the Apr 16 high. Clearance of this level is required to instead resume an uptrend.
OPTIONS: Larger FX Option Pipeline
Jun-23 11:09
- EUR/USD: Jun25 $1.1495-00(E3.9bln)
- USD/JPY: Jun25 Y144.50($1.3bln), Y146.00-20($1.2bln)
- AUD/USD: Jun26 $0.65009(A$1.2bln)
- USD/CAD: Jun26 C$1.3715-35($1.2bln), C$1.3800($1.2bln)
EGB OPTIONS: Schatz Call Spread
Jun-23 11:05
DUU5 107.40/107.70cs, bought for 7 and 7.5 in 7.5k.
