ENERGY: Malaysia’s Petronas Boosts 2024 Oil & Gas Output: Argus

• US TSY 7Y NOTE AUCTION: HIGH YLD 4.457%; ALLOTMENT 49.84%
• US TSY 7Y NOTE AUCTION: DEALERS TAKE 9.86% OF COMPETITIVES
• US TSY 7Y NOTE AUCTION: DIRECTS TAKE 23.06% OF COMPETITIVES
• US TSY 7Y NOTE AUCTION: INDIRECTS TAKE 67.08% OF COMPETITIVES
• US TSY 7Y AUCTION: BID/CVR 2.64

• RES 4: 1.0696 50.0% retracement of the Sep 25 - Jan 13 bear leg 
• RES 3: 1.0630 High Dec 06
• RES 2: 1.0574 38.2% retracement of the Sep 25 - Jan 13 bear leg
• RES 1: 1.0533 High Jan 27
• PRICE: 1.0430 @ 16:18 GMT Jan 28
• SUP 1: 1.0388 20-day EMA  
• SUP 2: 1.0260 Low Jan 15 
• SUP 3: 1.0178 Low Jan 13 and the bear trigger 
• SUP 4: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing  

EURUSD remains in a short-term bull cycle - a correction - and continues to trade closer to its recent highs. The pair has pierced the 50-day EMA, at 1.0459. A clear break of it would strengthen short-term bullish conditions and signal scope for a continuation higher near-term. Sights are on 1.0574, a Fibonacci retracement point. Initial support to watch is 1.0388, the 20-day EMA. A move through the EMA would signal a possible reversal.   

White House Press Secretary Karoline Leavitt is shortly due to hold the first White House press conference of the second Trump administration. LIVESTREAM

• The presser comes amid a flurry of Trump executive actions, including a pause on potentially trillions of dollars of federal spending. The Washington Post reported: “In a two-page document, Matthew J. Vaeth, the acting director of the White House Office of Management and Budget, instructs federal agencies to “temporarily pause all activities related to obligations or disbursement of all Federal financial assistance.””
• Senator Patty Murray (D-WA) and Rep. Rosa DeLauro (D-CT), the top Democrat appropriators, said in a letter to the OMB: "The scope of what you are ordering is breathtaking, unprecedented, and will have devastating consequences across the country.”
• Leavitt will also face her first questions on Trump's trade plans amid conflicting reports on Trump and his Treasury Secretary Scott Bessent's preferred approach to tariffs.  
• More details in today's edition of the MNI US Daily Brief.