 Hello and welcome to the Monday market update, the weekly update with me David Madden. Today's date is Monday the 8th of July 2019 and the time has just gone 12, 30 per summer time. And to be perfectly honest it's been a fairly quiet start to the European trading session. We had a fairly respectable set of non-farm payroll figures from the United States last Friday. The headline figure was well above expectations, unemployment margin took tire and the average earnings figures remained steady. And the number overall is a pretty good report and what it did was it ended up kind of casting and getting traders to question will the Fed reserve cut interest rates in the month of July. And because the result by and large was better than expected it led to a sell-off and glob in the US and European equities on Friday. We saw Asian equities fall overnight and now this morning, not today in Europe, things are looking a bit quiet. It's a bit subdued, some markets are up, some markets down, but the common theme across the board is low volatility. And in my opinion it's almost like traders in Europe are waiting for the US markets to open in a couple of hours time and actually could take their cues from the US because bearing in mind, Friday we did have non-farm payroll support but also a lot of traders and investors and dealers in the US markets also took last Friday off because last Friday was the 5th of July, the day after the 4th of July US Independence celebrations. So the moves on Friday may not have been a full reflection of what the US market felt. In fact, traders in Europe are going to play the wait and see game to see how the American markets get back to full swing, how they digest the numbers. Keep in mind, last month we heard from James Bollard at the Federal Reserve who said that he was quite dovish by the way and who said that a rate cut of 50 basis points 2019 would be overdone. Trump hauled ahead of the Federal Reserve trying to restate the Fed's independence in the face of President Trump calling for lower rates and calling for a lower US dollar. So the numbers he saw from the US on Friday could be used as a justification by the Federal Reserve later this month to actually just sit tight. Even though Trump hauled ahead of the Federal Reserve, the argument to lower rates has strengthened but that was before the most rates of numbers but also that could easily be just saying that that's because the argument has strengthened, it's all guarantee rates are going to be cut. So what I quickly do now is take a look at the week ahead, take a look at the main events of the week and then in that context run through some of the big markets. If you go to our website www.cmscmarkets.com and under news and analysis, a large portion of the analysis on the other right gets published to the section so let this quickly scroll down. It was already kind of the off thing but it was confirmed that a Deutsche Bank released a large number of job cuts. Some in the region of 18,000 jobs are going to be cut at Deutsche Bank as part of the aggressive construction program. Well on Tuesday we have first half figures from Micro Focus, sorry I apologize, yes Micro Focus, yes but also from the Caddo, so you can order a Caddo, first half figures as to Micro Focus. We have second quarter figures from Levi Strauss on Tuesday tomorrow. Looking ahead to Wednesday we have full year figures from Superdry across Wednesday and Thursday. We have UK GDP and manufacturing and we also have the Bank of England stability report. On Wednesday we have the Bank of Canada Interest Rate Decision, Q1 figures from Bed Bath and Beyond out on Wednesday. On Thursday second quarter figures from Delta Airlines and on Friday we have the US, sorry we apologize, we have the China trade balance. That's going to be important for a number of reasons, now for mining companies and oil and gas companies, on the back of that we'll see how hungry China are for minerals but also in relation to, if there is any impact on the terrorist act or the trade staff between the US and China, is that being played out in the trade figures. Take a look now at the FTSE 100. So this is a wider view of 2019, it's been a solid over say six months for the FTSE 100. In fact last week we got the levels not seen since August last year, so I give an indication of how positive the role on the FTSE 100 has been, if the wider bullish trend has been in place for many months now, if it presses on higher from here, we could be looking at retesting this area here. In early August last year up at 7,794, we have been in a bit of a downtrend in the last few sessions and that has been a decline in positive momentum, so the markets may drift a bit more. And if that is to be the case, we could find some support in around this area here in around 7,400, big psychology number, and then possibly also in this blue line here, the fifth to the eighth movie average, which comes to play at 7,356, you can see that it actually has support on a few occasions, and if a metric has been important in the past, it makes it more likely it will be so in the future, obviously there are no guarantees. And on the fifth to the movie average across import indices, we'll also be looking at the DAX and the S&P 500, so we can see that all those markets are comfortable to be above their respective 50-day moving averages. So the DAX has had a similar move to the Fuzzy in the regard that only last week hit a level not seen since August last year, giving an indication of how bullish the market is, it's been a solid upward trend throughout 2019. As you press on higher from here, the DAX, we could be looking at towards the series here at 12,887, and he moves to the downside in the DAX, might find some support in around this area here in around 12,400 on a few occasions that really did act as resistance on the way up, so the possibility that area might act as support should be dribbler, and even if you drop below that support could be found in this blue line here, the fifth to the movie average, which comes to play at 12,187. Notice how the DAX is comfortable to be above its 50-day moving average just like how the Fuzzy 100 is. Even if you drop below that, this region here, the big psychological number of 12,000, that also might act as an area of support for the DAX. Take a look now at the S&P 500 over in the US. Last week, the S&P printed record highs, so it really sums up how bullish the wider market is, and I was to keep in mind how much ground we've traveled since late December last year, so it's been a solid upward trend. Recently, we've hit an all-time high, so the sentiment and the trend is clearly to the upside. So if we take up 3,000, we could really get a pressing on up towards 3,000 and 10, 20, and so on and so forth, so that the more all-time highs that are hit, the more likely we're going to continue to hit all-time highs. If you do manage to see any further pullback in the S&P 500, support could be found from this region here in around 2,952, or possibly from this area here in 2,910. And even if you go below that, this blue line here might act as support, which is the affinity moving average, and that comes to play at 2,886. And notice how the S&P 500, the DAX, and the 1,000, are all above the respective affinity moving averages, and Dow theory states that the averages must confirm each other. As you can see here, while all of those three major industries are all above the respective 50-day moving averages, it makes it more likely that they will continue to press on higher. Obviously, should they all fall below us or are somewhere above, somewhere below, the signal would be less clear, but it makes it more likely that they all will continue to press on higher while they all remain above their respective 50-day moving averages. Speaking of markets that are doing quite well, take a look now. What's going on over in gold? Gold in late June, which wasn't that long ago, pretty much a six-year high, and the last week or two has been largely going to range bounds, in around the 1440 at the top and in around the 1380 at the lower end. And ultimately, while we're going to hold them above this area here in around 1380, 1382, it's likely that we could see the wider bullish trend continue. Granted, it might press higher at a slower pace, because obviously it's quite an impressive run that had here between late May and late June. And markets often find it difficult to sustain the level in which it's actually pushing higher at. So we could see a more gradual move to the upside in the gold market as provided we hold above the 1380, and we could be likely heading back up towards this area here in around 1439, kind of the recent high. And if you go beyond that, please keep an eye out for this area here to the upside in around 1485, should be the wider upper trend continue. And even if you do drop below 1380, any two which support could be found from this area here in around 1360 or perhaps down in 1346. Take a look now at what's going on on the US dollar. So the wider view throughout 2019 that the Euro dollar has been in a fairly solid downward trend between early January and basically late May has been a classic example of a downward trend. It had a bit of a bounce back in a resurgence where we saw a couple of higher highs and higher lows, but unfortunately the Euro dollar has turned lower again. Drop back below, it's this red line here, the two of them are being averaged, it's firmly below that. I'm giving that with a bit of a turn around the green back because the US economy, the jobs market appears to be in better condition than traders thought. We may see a continuation of the dollar strength. That is likely to put additional pressure on the single currency. So the turn round we've seen recently could continue. So we could be looking at taking out the kind of 112 area. I'm sure we go up a lot 112. You could be looking at retesting the lows of 2019 in around the kind of one spot 1110. It's only really if you're going to take out the recent high here just north of 114, in a kind of 114.12, then we should be able to become more confident that the kind of upward move in the last few weeks is going to continue. And if you're going to be on that, we could be looking at targeting the mid-march high of in a one spot 1448. And take a look now at what's going on on the pound versus the US dollar. So the starting dollar has been in a fairly aggressive downward trend the last over months. Nice series of lower lows and lower highs. We can see here that at the lows you pitch on Friday, haven't really been seen since early January. That's when the out get with the flash crash in the currency markets. And so if you press on lower from here, we could be looking at targeting this area here in around one spot 2476. And if you go beyond that, we could be looking at heading back down towards this area here in a one spot 2365. Any moves to the upside in starting US dollar are likely one of the resistance in around the 126 area. We can see on a few occasions there wasn't a consolidation in that area. And if you press on higher from there, this blue line here, the fifth moving average, might act as resistance in a one spot 2745. But it's really kind of, you know, this area here, 128, we'll be looking to kind of take on. If you take out 128, then it's looking likely we could actually kind of shake off the recent negative trend that we've been in. That's based, that's me wrapped up for this week. If you have any comments to make on this video or any of the other videos we've made here at CMC Markets, please feel free to leave a view on Googlebees. Thank you very much.