US President Donald Trump, in an interview with the Reuters news agency, indicated yesterday that the recent interest rate rises by the Federal Reserve under Jerome Powell were an unwelcome development. Of course, the businessman-turned-US President was always going to have a preference for cheap interest rates, and it perhaps should not be surprising that he is forthright about his preferences. This has caused a little bit of weakness in the US Dollar, but the FX market is notoriously fickle and has probably already been priced out. It was quite interesting to see an immediate benefit priced into the Gold (XAUUSD) market almost immediately, giving a little respite against the steady erosion of value since the middle of April. Oil (#WTI) is also quietly on the verge of a breakout of the $2/bbl trading range it’s been stuck in for a while, and we’d expect to see a re-test of the $65.70 resistance, and a close above that level will confirm its upward bias.