The US Dollar slipped yesterday as the market digested President Trump’s rather liverish response to a speech from the Iranian President Hassan Rouhani, which undoubtedly took everyone a little by surprise, not least of all the Iranians. Iranian speeches are usually full of bombast, but the maintenance of this siege mentality by such rhetoric is largely for domestic political consumption, and should not be seen as a direct challenge to the US. While the FX traders dithered, it was the Stock Investors who correctly read the signs, and used the opportunity to continue to invest, with the Dow Jones index breaching 25,000 again. We’ve been higher of course (January 29th to be precise), but this was followed by a thumping 6,000 point sell-off which I am still attributing to the New England Patriots losing the SuperBowl. There is still a little resistance to overcome here at 25,250, and if there is one thing The Donald has proven adept at it’s overcoming #Resistance. Overall we remain cautiously Bullish for Stocks and will be keeping trailing stops in place.