 Wow, what a move in the cable the British pound versus the US dollar had a little or Not so little flash crash of 5% overnight went down from at 1.26 to 1.20 There were some Talking of some information coming from Bloomberg about that about algos and algo trading which had my functions And actually there was the order book trying out on the bit side for several seconds and that led to this flash crash went the British pound to the US dollar went down from 1.26 to 1.20 and this morning It's it's rallied all the way back to where this all started. So pound still a lot of volatility in the British pound a lot of volatility even in the Japanese yen which had been Going up versus the US dollar for since the start of the year It has been going crawling up and up and up and now it has left this uptrend So the yen is getting weaker again, which is positive for the Nikkei and the Japanese stock markets then we've got the Market for WTI and print crude oil Both have triggered or are about to trigger on a weekly basis a weekly closing basis They're inverted head and shoulders a bottoming formation, which actually Activates a price target of seventy eight dollars if you like project a height from the head of the inverted head and shoulders Formation to the neckline if you project that from the actual breakout point, which Where we are actually today then you get a price target of seventy eight from a technical perspective So there's a big bottoming formation a breakout of that an activation of that bottoming process in oil So that's very interesting. There are even more cuts coming from the OPEC That's at least what markets expect or what the markets expect and that is some market that is really really Interesting then we've got the precious metals, which are in expectations that the Federal Reserve will high crates in December I'll go in lower and lower and lower. There's been a Correction continuation of that yesterday The price of gold is now in a support zone Which actually could lead to a stabilization. We've got the NFP payrolls data coming out today which might be Like creating a lot of volatility there in the price of gold I do not want to say that it's about to turn up again But it's still bullish if you look at the yearly chart if you look at autumn 2015 until now There has been a rounded bottom a breakout out of that rounded bottom and at the time that rounded bottom Was formed in the chart. There was very bearish sentiment in the market of gold Nobody really wanted to hear anything about gold anymore and so out of that Was a or out of that That was a rounded bottom markets broke out and from a Dow theory perspective from a trend following perspective The technical downtrend ended this year or has been interrupted has been interrupted But there's no new uptrend that has formed yet So this correction that we have now is very natural actually and is in the in the perspective of the yearly chart is still Not bearish it will turn bearish though if prices would go lower than 1199 so 1199 is the make or break point for a price tag make or break price tag for Bulls and bears should gold drop below 1199 Then it will turn bearish from a technical perspective everything above 1199 is still bullish for the price of gold so do not ignore that market for now Then there was the vice president from the ECB Mr. Constancio saying that the Bloomberg taper reports are Wrong. There's nothing that the ECB has not really Said that they are ready to taper the QE program They will at least have that QE program until March at 2017 and the reports are plainly wrong That's what Constancio the vice president said and then there was the vice president of the Federer reserve His name is Stanley Fisher saying that the natural Rate natural rate of interest has fallen so low and has fallen to low levels to such low levels that this could signal that we are stuck in a low-growth environment in the United States and because Spendings and savings patterns have altered worldwide since the financial crisis The natural rate of interest globally is much much lower than it has been before and so it might be that unconventional policy is here to stay and I want to remind you that's not somebody who is saying that it's the vice president of the Federer reserve saying that Unconventional monetary policy is still or is here to stay and that means or what does a low natural rate mean? Some expect that the low that the natural rate of interest is near zero So anything the Fed does to high grades above that natural rate is actually leading to a too tight monetary policy, which is like Yeah Decreasing the speed at which the economy could expand and so it's a big question mark still From some members of the federal open market committee, which sets the future monetary policy in the United States About where the rates should go So some estimate that the natural rate of interest is at zero or near zero And so there's not much room the Fed has to To hike rates Even though markets are expecting that in December there might be a rate hike coming So keep that in mind the IMF has the reasons for why the natural rate of interest is so low And that is the worldwide debt levels 152 trillion in debt. That's what the IMF has calculated. That's a new record some With Hindi IMF think that it's a big risk that there might be a globally leveraging coming so the United States that is what we know has a Meaningfully Delivered the private sector in the United States has decreased its debt levels since the year 2008 and 2009 But the debt levels in countries like Brazil and China they took even more debt and the worldwide debt to GDP ratio has increased from 200 percent in the year 2002 to 225 percent today, so it's globally on a global scale it has Increased and increased and increased year by year and that is actually Decreasing the growth potential of the world economy. So what Stanley Fisher says which is The number two in the Federal Reserve after Janet Yellen what he says is that unconventional monetary policy is a tool That is here to stay