FED: US TSY 20Y BOND AUCTION: HIGH YLD 4.876%; ALLOT 44.44%

US Secretary of State Marco Rubio is shortly due to meet with Philippine President Ferdinand R. Marcos, Jr. at the Department of State. The two will deliver short remarks to the press ahead of the meeting. LIVESTREAM 

• President Marcos met earlier today with Defense Secretary Pete Hegseth at the Pentagon. Later this week, he will become the Southeast Asian leader to meet with Trump during his second term.
• Comes after Trump raised the August 1 proposed tariff rate on Manila from 17% to 20% in his recent round of tariff letters, threatening to complicate Washington’s relationship with its closest ally in the region.
• Reuters notes: "Trump has already struck trade deals with two of Manila's regional partners, Vietnam and Indonesia, driving tough bargains in trade talks even with close allies that Washington needs to keep onside in its strategic rivalry with China."
• Marcos said in a speech before leaving Manila. "I expect our discussions to focus on security and defense, of course, but also on trade. We will see how much progress we can make when it comes to the negotiations with the United States concerning the changes that we would like to institute to alleviate the effects of a very severe tariff schedule on the Philippines."

• RES 4: 1.1923 2.000 proj of the Feb 28 - Mar 18 - 27 price swing
• RES 3: 1.1901 2.0% 10-dma envelope
• RES 2: 1.1851 High Sep 10 2021 
• RES 1: 1.1750/1829 High Jul 10 / 01 and the bull trigger 
• PRICE: 1.1705 @ 16:59 BST Jul 21
• SUP 1: 1.1557 Low Jul 17
• SUP 2: 1.1518 50-day EMA
• SUP 3: 1.1446 Low Jun 19
• SUP 4: 1.1405 Low Jun 11  

EURUSD rallied well into the Monday close, but stopped short of any material test of resistance. This confirms the move down since Jul 1 as corrective. The 20-day EMA has recently been cleared and scope is seen for a test of the 50-day EMA, at 1.1518. A clear break of the average is required to signal a stronger reversal. For now, trend indicators continue to highlight a dominant uptrend. A resumption of gains would open 1.1829, the Jul 1 high and bull trigger. 

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