empty
30.04.2025 01:31 PM
100 Days of Trump's Presidency

While the dollar prepares for key economic data that could determine the Federal Reserve's next course of action, Donald Trump reflected on his first 100 days as President of the United States.

During his speech, Trump resumed his criticism of Federal Reserve Chair Jerome Powell, stating that interest rates should be lower. "Inflation has fallen, but interest rates haven't. Obviously, I have someone at the Fed who isn't doing a very good job," Trump said at a rally near Detroit, Michigan.

This image is no longer relevant

The President's condemnation came despite his earlier comments this month that he did not plan to fire the head of the central bank, even though he has continuously criticized the Fed's slow pace of interest rate cuts. Uncertainty surrounding Powell's fate has rattled the markets and deepened investors' concerns over Trump's tariff plans. "You shouldn't criticize the Fed," Trump said. "You should let it do its job — but I know a lot more about interest rates than he does."

Trump wrapped his criticism in a broader defense of his signature economic agenda, asserting that his sweeping tariff policy would inspire a wave of economic growth and bring manufacturers back to the U.S. Just hours before the rally, Trump signed directives rolling back some of his planned tariffs — including the removal of 25% duties on auto parts used in cars and trucks manufactured in the United States. The president called this move a "small flexibility" intended to give companies time to resume domestic production, while also issuing a stern warning to automakers still considering the import of components.

Polls show that voters are wary of Trump's economic agenda and are concerned that tariffs could trigger a recession and a spike in consumer prices. It is therefore not surprising that, according to recent data, U.S. consumer confidence in April fell to a five-year low.

Trump's approval rating has dropped to the lowest level in decades for a president at this milestone. These ratings have fallen amid concerns over his economic management and fears of a potential recession. Only 39% of respondents in an ABC News/Washington Post poll said they approve of Trump's performance as president, while a CNN poll showed a 41% approval rating.

Immigration remains an area of relative strength for the Republican president, who has intensified government efforts to curb border crossings and deport illegal immigrants from the U.S. Trump's second term has also been marked by a campaign to rapidly reshape the government.

Trump has also led a large-scale effort to overhaul Washington's foreign relations, renewing his first-term calls for European allies to increase NATO contributions, while demanding U.S. naval passage through the Panama Canal, discussing the potential acquisition of Greenland, and musing that Canada should become the 51st U.S. state.

As for the current technical picture of EUR/USD, buyers now need to focus on breaking above the 1.1380 level. Only then will it be possible to aim for a test of 1.1440. From there, a move toward 1.1490 becomes viable, although achieving this without support from major players will be quite challenging. The furthest target is 1.1530. In the event of a decline, I expect meaningful buying activity only around 1.1320. If no buyers appear there, it would be best to wait for a retest of the 1.1265 low or consider long positions from 1.1215.

As for the current technical picture of GBP/USD, pound buyers need to break through the nearest resistance at 1.3370. Only this would allow a move toward 1.3400, above which a breakout will be quite difficult. The furthest target is the 1.3440 area. In the event of a drop, bears will try to gain control at 1.3333. If successful, a break of that range will deal a serious blow to the bulls' positions and push GBP/USD toward the 1.3280 low, with the prospect of a move toward 1.3240.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Opposition to Trump Within the U.S. Intensifies (Potential for Continued Growth in #SPX and #NDX)

Domestic opposition to Donald Trump is gaining momentum, which could be an unpleasant surprise for the former president. This development may limit his efforts to reshape the U.S. economic landscape

Pati Gani 09:49 2025-05-29 UTC+2

What to Pay Attention to on May 29? A Breakdown of Fundamental Events for Beginners

Very few macroeconomic reports are scheduled for Thursday. The macroeconomic event calendars for Germany, the United Kingdom, and the Eurozone are empty. Only the United States will release reports

Paolo Greco 06:58 2025-05-29 UTC+2

GBP/USD Overview – May 29: The Dollar Begins to Believe in Miracles

On Wednesday, the GBP/USD currency pair traded with a slight decline, but it's hard to believe in further strengthening the U.S. dollar under the current circumstances. On the one hand

Paolo Greco 03:32 2025-05-29 UTC+2

EUR/USD Overview – May 29: Laughable or Lamentable? Trump Promises a Deal Again

The EUR/USD currency pair did not perform as well for the dollar on Wednesday as it did during the previous two days. However, even Monday and Tuesday can hardly

Paolo Greco 03:32 2025-05-29 UTC+2

NZD/USD. Hawkish Rate Cut: The Reserve Bank of New Zealand Concludes Its May Meeting

As expected, the Reserve Bank of New Zealand (RBNZ) lowered the interest rate by 25 basis points to 3.25% following its May meeting. This marks the sixth round of monetary

Irina Manzenko 00:31 2025-05-29 UTC+2

The Yen Saws Off the Branch Under the Dollar

When you begin dismantling a system, you risk cutting off the branch you are sitting on. For decades, the United States' main trading partners earned money by exporting goods

Marek Petkovich 00:30 2025-05-29 UTC+2

The Euro Is Rushing Things

After a rapid rally from February through April, EUR/USD entered a prolonged consolidation phase. For several weeks now, the major currency pair has remained locked within the 1.1100–1.1400 trading range

Marek Petkovich 18:43 2025-05-28 UTC+2

USD/CAD. Analysis and Forecast

The USD/CAD pair has been recovering for the third consecutive day from this year's lowest level, supported by renewed buying interest in the U.S. dollar. Yesterday's optimistic U.S. economic data

Irina Yanina 11:44 2025-05-28 UTC+2

DXY: U.S. Dollar Index Continues to Show Positive Momentum for the Second Day in a Row

On Wednesday, the U.S. Dollar Index (DXY) continued its upward momentum for the second consecutive day, rebounding from the monthly low reached earlier this week. The index rose

Irina Yanina 11:36 2025-05-28 UTC+2

Why Are Currencies Traded Against the Dollar Not Declining? (There Is a Chance EUR/USD May Resume Growth and USD/JPY May Fall)

We are truly living in an unusual time, where the classic principles of assessing market situations are being cast aside in favor of more pressing and, more importantly, unclear

Pati Gani 10:05 2025-05-28 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.