US: White House NSC Kirby: Modi's State Visit "Wasn't About China"
White House National Security Council Spokesperson John Kirby has told reporters that Indian Prime Minister Narendra Modi's White House state visit, "wasn't about China."
- In response to a question asking if Kirby saw India as "a counterweight to China?" Kirby says, "this state visit wasn't about China. India has challenges with China as well... and clearly the challenges presented by the PRC to both our nations were on the agenda yesterday... but this wasn't about leveraging India to be some sort of counterweight. India... have their own foreign policy and they live in a tough neighborhood."
- In response to a second question, Kirby concedes that India has a role to play in the Biden administration's overall China strategy but states the visit was not, "some sort of messaging opportunity to China."
- The NYT noted this morning that despite a large number of deliverables announced during the state visit, including trade liberalisation and defence and tech investments, "Modi made no pledges to endorse U.S. efforts to restrain China, nor to cut ties to Russia," which many journalists have suggested was the implicit subtext of the visit.
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EURUSD TECHS: Bearish Outlook
- RES 4: 1.1127 1.00 projection of the Mar 15 - 23 - 24 price swing
- RES 3: 1.1054/95 High May 8 / High Apr 26 and key resistance
- RES 2: 1.1007 High May 10
- RES 1: 1.0874/0887 50- and 20-day EMA values
- PRICE: 1.0759 @ 15:57 BST May 24
- SUP 1: 1.0748 Low May 24
- SUP 2: 1.0737 61.8% retracement of the Mar 15 - Apr 26 bull run
- SUP 3: 1.0713 Low Mar 24
- SUP 4: 1.0653 76.4% retracement of the Mar 15 - Apr 26 bull run
EURUSD traded lower Wednesday and showed through last week’s 1.0760 low. The outlook remains bearish. The 50-day EMA, at 1.0874, has recently been breached and price remains below the average. This reinforces bearish conditions and signals scope for a continuation lower towards 1.0737 next, a Fibonacci retracement. Clearance of this level would open 1.0713, the Mar 24 low. A firm resistance is seen at 1.0887, the 20-day EMA.
US TSYS: Post-May FOMC Minutes React
- Fast two-way trade sees futures holding mildly weaker after the May FOMC minutes release showed officials were split on support of more hikes.
- Currently, 10s holding off session lows at 113-12.5 (-7). Curves mildly flatter, 2s10 -.593 at -64.070.
US: Dem Leader Jeffries: House Republicans Are Intent On Crashing The Economy
Max Cohen at Punchbowl News reports comments from House Minority Leader Hakeem Jeffries (D-NY) providing a pessimistic assessment of debt limit talks.
- Jeffries: “It’s increasingly clear to me that House Republicans are intent on crashing the economy and defaulting on our debt. That’s wrong. It will hurt everyday Americans in the brinksmanship.”
- With the Senate in recess and the White House negotiators declining to talk substantively to the press, much of the Democrat messaging on the debt ceiling has fallen Jeffries.
- Jeffries' comments reflect a more pessimistic tone on the Hill as negotiators continue discussions at the White House.
- Jeffries told reporters yesterday that Democrats are willing to accept a spending freeze as part of a deal but unwilling to consider the spending cuts restated as a condition by House Speaker Kevin McCarthy (R-CA) today.
- Jefferies: “As part of the effort to find common ground, we’re willing to consider freezing spending. That is not an extreme proposal. That is a reasonable proposal.”
- White House Press Secretary Karine Jean-Pierre is scheduled to brief the press in around 15 mins: https://www.whitehouse.gov/live/
