Controversial Comments
President Trump has been grabbing headlines once again this week. While back home, the President’s impeachment trial began in the Senate, Trump was in Davos, Switzerland speaking at the World Economic Forum.
In typical controversial form, Trump used his opening speech there to attack climate change protestors. Trump told the forum "To embrace the possibilities of tomorrow, we must reject the perennial prophets of doom and their predictions of the apocalypse”. Trump went on to say "They are the errors of yesterday's fortune tellers and we have them and I have them and they want to see us do badly, but we don't let that happen,"
Trump has become notorious for his denialist approach to addressing the issue of climate change. Against the swelling tide of scientific data and research proving the existence of and the damage caused b climate change, Trump took the US out of the Paris accord, abandoning the previous administration’s efforts to reduce greenhouse gasses.
Trump’s comments at Davos have already drawn widespread criticism from environmental activists. The US president was keen to announce that the US is now the world’s largest producer of oil and natural gas while also claiming that he wats “clean” air and water. On this subject, Trump proudly told the forum that the US is joining the “One Trillion Trees” programme which aims to restore 1 trillion trees by 2050.
Announcing plans to join the programme, Trump said America "will continue to show strong leadership and restoring, growing and better managing our trees and our forests."
"This is not a time for pessimism. This is a time for optimism. Fear and doubt is not a good thought process because this is a time for tremendous hope and joy and optimism and action,"
Given the trouble Trump is in back in the states, it was no surprise that the issue was addressed. When questioned about the impeachment, however, Trump said only that "It's a witch hunt that's been going on for years, and frankly, it's disgraceful,". In usual style, Trump quickly went onto say “America is winning like never before”. Referring to his trade deal, regulation reductions and tax cuts, Trump boasted that before he took over the Presidency the "shrinking middle class felt neglected, betrayed, forgotten."
Trump Facing Impeachment
The impeachment trial is set to gain more attention now as the official arguments get underway. While the Democrats argue that the evidence against Trump is overwhelming, the chances of Trump being removed from office are very low as that would require the Republican-controlled Senate to convict its own party leader. However, with the US electorate closely following the trial, the damage to Trump’s reputation might be enough to ruin his chances of re-election later this year.
Technical Views
USDCHF (Bearish below .9775)
From a technical viewpoint. USDCHF continues to move lower with price sitting well below the monthly pivot (.9775). With longer-term VWAP still negative a continued move lower looks likely with a confirmed break of the 2019 lows (.9659) the next objective. Below there, the monthly S1 (.9542) will be the next target area to watch.
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Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!