US: White House Releases Switzerland Trade Framework
The White House has released a joint statement and fact sheet on a framework trade agreement with Switzerland and Liechtenstein. The agreement notes that pending fulfilment of conditions, the US will reduce its tariff rate on Switzerland to 15%. Conditions include addressing "restrictive measures" on US agricultural imports, "opening Swiss and Liechtenstein markets for U.S. medical devices", and "streamlining customs processes to make it easier for U.S. goods to enter."
- The joint statement notes, "Switzerland intends to take action to balance its trade with the United States, including by purchasing U.S. goods, facilitating investment in the United States, and removing tariff and non-tariff barriers for U.S. goods. The Participants intend to immediately begin negotiations of the Agreement with the aim to make significant progress, and if possible conclude the Agreement, by the first quarter of 2026, subject to their respective domestic processes."
- The statement notes that, "Switzerland intends to encourage and facilitate at least $200 billion of investment into the United States, across all 50 states, over the next five years, to create manufacturing and research and development jobs... The United States intends to determine, in its application of reciprocal tariffs, if Switzerland and Liechtenstein have taken appropriate steps to encourage and facilitate these investments and associated job creation."
- The US fact sheet claims, "This trade deal will lock in the largest expansion ever of U.S. exporter access to Swiss markets, creating new opportunities for U.S. manufacturers, farmers, ranchers, fishermen, and other producers."
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GBPUSD TECHS: Bear Threat Still Present
- RES 4: 1.3789 High Jul 1 and key resistance
- RES 3: 1.3726 High Sep 17
- RES 2: 1.3661 High Sep 18
- RES 1: 1.3422/3527 20-day EMA / High Oct 1 and a pivot level
- PRICE: 1.3356 @ 15:43 BST Oct 15
- SUP 1: 1.3249 Low Oct 14
- SUP 2: 1.3220 0.764 proj of the Sep 17 - 25 - Oct 1 price swing
- SUP 3: 1.3142 Low Aug 1 and a key support
- SUP 4: 1.3041 Low Apr 14
A short-term bear condition in GBPUSD remains intact. Recent weakness has resulted in the break of a key short-term support at 1.3333, the Sep 3 low. This signals scope for a deeper retracement. Attention is on 1.3280, a Fibonacci retracement. It has been pierced, a clear break of it would open key support at 1.3142, the Aug 1 low. Initial resistance to watch is unchanged at 1.3422, the 20-day EMA.
US: Americans "Resoundingly" Support Trump's Gaza Peace Plan
A new report from I&I/TIPP has found that US voters “resoundingly” support President Donald Trump’s peace plan for Gaza. TIPP notes, “59% said they would either support the deal “strongly” (30%) or “somewhat” (29%), while just 18% opposed the deal either “strongly” (9%) or “somewhat”. A large 23% of Americans said they were not sure.”
- “There were differences in support when it came to political affiliations, but all of the parties — Democratic Party (46% support, 30% oppose), Republican (78% support, 9% oppose) or independent (53% support, 18% oppose) — showed either a majority or plurality of support,” adds TIPP.
- The peace plan is facing its first significant test, with Israel accusing Hamas of refusing to adhere to the agreed-upon time frame for returning the remains of deceased hostages. In response, Israel has slowed the supply of aid into Gaza.
- When asked by reporters yesterday “how long will it take Hamas to disarm? And can you guarantee that is going to happen?” Trump replied: “If they don't disarm, we will disarm them and it will happen quickly and perhaps violently, but they will disarm.”
- Semafor notes, “Hamas, which returned more bodies after Israel’s threat, will “play along” with the ceasefire, an expert on the group wrote in Foreign Affairs. But it “will fight tooth and nail to preserve its political and military standing in Gaza.””
Figure 1: “Do you support or oppose the Trump peace plan for Gaza?”
Source: TippInsights
US TSYS: Climbing Off Session Lows
- Treasuries are climbing off recent session lows following comments by Fed Gov Miran (voter) at a at Nomura Research Forum stated that US-China trade tensions tied to rare-earth curbs "pose significant downside risks". Ironically, this comes after after Treasury Sec Bessent suggested the possibility of a "longer tariff truce with China tied to rare-earth imports" helped risk sentiment earlier.
- Currently, Tsy Dec'25 10Y contract trades 113-09.5 (-3.5) vs. 113-07 low, yld tapped 4.0417% high; curves flatter/off lows: 2s10s -1.874 at 53.061, 5s30s -1.692 at 10.603.
- Initial technical support at 112-26 (20-day EMA) followed by the 50-day EMA at 112-16. A clear break of the average would expose 111-13+, the Aug 18 low and a key support.
- Cross asset: Bbg US$ index off lows, -2.77 at 1211.67, stocks claw extending lows: DJIA down 196.59 points (-0.42%) at 46030.72, S&P E-Minis down 27.25 points (-0.41%) at 6653.25, Nasdaq down 69.1 points (-0.3%) at 22429.75.
