Trump has publicly criticized the Fed for lack of activity in cutting rates.

A few days earlier, Fed Chairman Powell said that the Fed had already lowered the rate sufficiently, and now the rate is adequate for the situation in the economy.

What's the point? Trump is going to be re-elected to a second term in a year – in November 2020.

To win the election, Trump needs to maintain the current, very good situation in the economy – high production volumes, low unemployment. At the same time, a new cyclical crisis of the world economy is quite likely. Trump needs to delay the onset of the crisis until after the election.

New Fed rate cuts would support growth for a while.

The Fed has a high degree of independence from other authorities – and is not at all obliged to listen to the president. In the recent history of the United States, there have been many examples where the actions of the Fed went against the wishes of the executive branch – and even, according to the losers of the elections, played a key negative role.

EURUSD: A new range has been formed.

Top – 1.1180.

Bottom – 1.0985.

We are still standing in the purchase from 1.1045.

Sales from 1.0985.