 but John Sheridan from Fig Warns has lots of moving parts to follow and he joins us now live from Sydney. Well what are those moving parts? Because of course that retail sales read in the US was pretty disappointing overnight. Good morning England, that's right. Yes, as you say, surprised most people in the market. They were looking for a much more bullish figure and what we saw as a result was that US Treasuries caught a bid and they rallied about five points reversing the sell-off from the prior day. As you say, there's also plenty going on. We've got China GDP out. We've got Yellen's testimony which is coming up and then we've also of course got yet another chapter in the Greek saga which will be resolved after their parliament votes on the bailout proposal tonight. So to your mind, safe harbours range supreme and through all of this. Just a typical run back into USTs and prices lower as a result. Yes, I think that's definitely the case. With these situations coming out that could introduce volatility and sell-off in risk assets, you definitely want to have a bigger allocation to those safe havens. However the problem is that if Janet Yellen comes out and they're pretty hawkish and they say that we'll be ignoring the retail sales for example, then those treasuries themselves are going to sell off in some regard. So if you're an institutional money manager there's very few places to hide at the moment. One of the things that maybe I would look to is gold which has been really, really the sort of forgotten asset class really in the last six months or so. It's pretty much done nothing. It's range traded between sort of 1150 and 1200. So maybe a bigger allocation there. Well that's going to be interesting if the Fed's not going to be swerved of course. The US dollar bills are going to therefore feel vindicated and add to their positions. Going along the dollar is not a recipe for attracting gold bugs into the market is it? Yeah, I mean obviously gold pricing US dollars so it makes it more expensive for everyone else. But gold is really the sort of fundamental store of wealth. So you don't really hold gold in large quantities for a trading perspective like that. It's just about you know keeping inflation at bay which if the US economy is improving and the Fed thinks that there's sufficient improvement to raise rates then that should be bullish for gold. Speaking of the Aussie dollar because we were just obviously mentioning that, 74 and a half US cents right now. Do you expect a movement in that from China? I mean how much is the Aussie US pair at the moment just a US Fed story and how much is it China? Yeah definitely I think it's been US dollar strength over the last few months. It hasn't really been coming from our side an Aussie weakness but that you know that could all change if we get a weak China GDP number. I think we'd really like to see it in that six and a half to seven range and at the higher end so if it comes out in the low end of that range then I expect we'd see a sell-off in Aussie dollars particularly also with what's happened in iron ore in the last couple of weeks. Now the point would be as well that you know beyond all of this what's domestically going to be taking up investors' attention too? I mean let's just talk about some domestic issuance. Yeah I mean in the bond markets really you know we've just got the major the major data points so I think I agree with what Bill just said you know we're in for a stable period of Aussie rates unless we get some kind of real shock to the downside that's going to put a flaw under Australian bond market expectations and will be driven by what happens overseas. You know I think the point about rates being at their lower bound and not being very effective if they do if they do indeed cut further is a very valid one and I think like I say that puts a bit of a flaw under the domestic drivers of bond prices. All right lots to watch there of course thank you so much John we'll leave it there. Thanks guys. John Sheridan from FIG Security.