AMERICAS OIL: US: Trump Touts Auto Jobs Boom, Says CA Tariffs Could Come Today
Mar-07 17:19
US: Trump Touts Auto Jobs Boom, Says CA Dairy/Lumber Tariffs Could Come Today
US President Donald Trump has touted today’s jobs report as evidence that his trade policy is bringing manufacturing jobs back to the United States. Trump's economic advisor Kevin Hassett, speaking alongside Trump in the Oval Office, argues that manufacturing job are going up out of "expectation for future policy," including tariffs and tax cuts.
- Trump: “On auto jobs we created nearly 9,000 new jobs in the auto production field. And the reason for that is largely they think things are happening so they’re already geared up… Because of the tariffs they don’t want to be dealing with other places.”
- Trump claims that jobs created during the Biden administration were inflated by the creation of government jobs: "They just keep adding government jobs which are not the jobs you want."
- Speaking on his "reciprocal" tariff regime - expected to go into effect on April 2 - Trump says Canadian representatives are "very difficult to deal with" and Canada imposes "tremendously high tariffs" on lumber and dairy products. He says "Canada has been ripping us off for years on lumber and dairy..."
- Trump says Canada will be "met with the exact same [250%] tariff" on lumber and dairy "as early as today or we'll wait until Monday or Tuesday" if they don't "drop it."
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EUR: Focus on Activity Data & BoE Tomorrow
Feb-05 17:10
- Mixed performance for the Euro against G10 peers on Wednesday, as softer US ISM Services prompts some EURUSD strength, however, the significant yen outperformance has weighed heavily on EURJPY (-1.00%), with price action supported by overnight Japanese wage figures.
- While single currency sentiment continues to be impacted by Eurozone growth concerns, there will be some attention on the 'core' figure of German factory orders on Thursday to provide the latest update. However, the data is unlikely to alter the narrative of industrial weakness, which appears well factored in at this juncture.
- More importantly, the Bank of England will headline tomorrow, and we think its Bank Agent's Pay Settlement Survey could provide some signal on policy ahead. EURGBP’s renewed weakness this week will provide some focus on the cross, having pulled further away from trendline resistance in recent weeks.
- Short-term resistance for the cross stands at 0.8363/69, the Jan 3 high / 20-day EMA, while initial support would be located at 0.8248, Monday’s low. Below here, the key 2022 low at 0.8203 comes back into focus, the weakest point of a multi-year range.
FED: US TSY TO SELL $42.000 BLN 10Y NOTES FEB 12, SETTLE FEB 18
Feb-05 17:05
- US TSY TO SELL $42.000 BLN 10Y NOTES FEB 12, SETTLE FEB 18
FED: US TSY TO SELL $25.000 BLN 30Y BOND FEB 13, SETTLE FEB 18
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- US TSY TO SELL $25.000 BLN 30Y BOND FEB 13, SETTLE FEB 18
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