US: White House Publishes Fact Sheet On $1.2T Qatar Deal
May-14 15:42
The White House has published a fact sheet claiming that US President Donald Trump has signed an "agreement with Qatar to generate an economic exchange worth at least $1.2 trillion." The announcement is the second major investment deal of Trump's Middle East trip, following a deal with Saudi Arabia yesterday worth $600B, per the White House.
- The White House notes that the Qatar agreement includes separate deals, "totaling more than $243.5 billion between the United States and Qatar, including an historic sale of Boeing aircraft and GE Aerospace engines to Qatar Airways."
- Like the Saudi deal, the Qatar agreement includes defence contracts aimed at "enhancing regional deterrence and benefitting the U.S. industrial base."
- The Qatar deal is likely to be met with some sceptiscm from analysts, who have pointed at similar prelimary investment agreements struck during Trump's first term that failed to materialise.
- Axios notes on yesterday's Saudi deal: “An itemized list provided by the White House doesn't come close to $600 billion. It works out to $282.8 billion — nearly 30% of which involves private-sector tech investments "in both countries." The remainder seems to fall under the unenumerated umbrella of "many other deals,"
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OPTIONS: Larger FX Option Pipeline
Apr-14 15:38
- EUR/USD: Apr16 $1.1100(E1.1bln), $1.1200(E1.1bln)
- USD/JPY: Apr16 Y145.00-20($1.1bln); Apr17 Y145.00($1.2bln)
- EUR/GBP: Apr16 Gbp0.8650(E1.2bln)
- AUD/USD: Apr16 $0.6350(A$1.1bln), $0.6400(A$1.7bln)
- NZD/USD: Apr16 $0.5950($1.2bln)
- USD/CAD: Apr16 C$1.4335($1.1bln); Apr17 C$1.4000($1.4bln)
CHF: Rallying Well Off Lows, EUR/CHF on Track to Finish Flat
Apr-14 15:33
- Having been sold through much of the European morning, CHF weakness has partially reversed into the close, with EUR/CHF on course for a flat finish after trading with gains of as much as 1% ahead of the US crossover.
- Helping drive the move will have been the upside of ~150 pips or so in CHFJPY into the WMR fix, after a generally muted session with few market-moving headlines.
- While firmer global equities will have been bearish CHF, the weakness off the best levels for US stocks futures has proved only minimal, leaving CHF moves here likely flow- or order-driven rather than a fundamental run higher for the currency.
- This leaves EUR/CHF as a notable standout in major assets in that it has reversed only a very small part of the post-Liberation Day U-turn losses. As a result, prices are within range of the bear trigger at Friday's 0.9222 low and a series of horizontal supported tested twice last year. Slippage through here would be the lowest rate (again) since the removal of the CHF peg in 2015.
FED: US TSY 26W BILL AUCTION: HIGH 4.060%(ALLOT 96.78%)
Apr-14 15:32
- US TSY 26W BILL AUCTION: HIGH 4.060%(ALLOT 96.78%)
- US TSY 26W BILL AUCTION: DEALERS TAKE 23.73% OF COMPETITIVES
- US TSY 26W BILL AUCTION: DIRECTS TAKE 9.46% OF COMPETITIVES
- US TSY 26W BILL AUCTION: INDIRECTS TAKE 66.81% OF COMPETITIVES
- US TSY 26W BILL AUCTION: BID/CVR 2.80
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