 Good afternoon. Welcome to CMC Markets and this non-farm payrolls webinar on Thursday the second of July. Yep, day early because of the US Independence Day holiday, which is due out on Friday. And hopefully I'll be able to guide you through the numbers over the course of the next half hour, 45 minutes. Try and make sense of the data before we get started. Have to do a quick disclaimer. Risk warning, which I have to do, which is obligatory on all of these occasions. And just to remind anyone that what I cannot do is give you direct trading advice. In other words, I cannot tell you where to buy. I cannot tell you where to sell. What I can tell you is where the key trading levels are, potentially give you directional advice in terms of where I think the market is going to go. And hopefully give you an insight into the type of approach I take when it comes to analyzing the markets. Because I think one thing we can all agree on at the moment is in these unique times, the data is probably much less useful than it has been in the past simply because it's telling us a whole host of different things. And I think one of the things that I have got used to over the course of the past few months is how equity markets have completely diverged from what the actual economy is doing. A large part of the reason for that, we all know what it is. It's central bank intervention. It's monetary stimulus. It's also fiscal stimulus. And that is distorting the way the market is behaving relative to what the economy is doing. I've lost count of the number of times when I've been asked, well, you know, the economy is looking really poor, yet stock markets are continuing to rebound from the lows that we saw in March. And honestly, I've got to continue to say this, the stock market is not the economy. There is a perception and expectation perhaps that the worst is behind us and that ultimately things should improve from here on in. And certainly in terms of the FTSE 100, you can see that from the highs that we saw in January all the way back then, when we were well above 7500, we haven't got really anywhere close back to those sorts of levels. But what we are doing, and I think what is important, I think in the overall context of how we discuss these markets is what the price action is doing. I think what we have to try and do is look at the data, but try and try not to extrapolate too much of the data from the price action. For me, the price action in these uncertain times is so important because it tells us where the money's at. So irrespective of what the data is telling us, we've really got to go with where the money is going. And I don't think what's not helping today, of all days, is the fact that not only do we have non-farm payrolls, we also have weekly jobless claims. So you've got two competing dynamics with respect to the US labor market. You've got the non-farm payrolls numbers, which are expected to show a big increase again from the numbers last month. But I think what we also have to remember is that they in no way reversed the 20 million decline that we saw in April. And given that the Bureau for Labor Statistics, the US Bureau for Labor Statistics have said that they're not 100% sure what the data is telling us, it's important not to place too much emphasis on one set of numbers. If you look at the divergence, for example, with the unemployment rate in the US and compare it to the unemployment rate in Europe and Italy, for example, we've got it over here, you've got the unemployment rate in Europe, which is at 7.4%. Well, if anyone tells me that that is an accurate number, I think they'll probably be smoking something because it is in no way an accurate number. Because what it doesn't do is it reflect the people that aren't looking for work but aren't working. Eurozone unemployment is based on a calculation whereby it only traps the people who are physically looking for work. If you're locked down in your home, you can't physically go out and look for work. Therefore, it means that you're not counted in the unemployment figures. So I think it's important that we look at that in the round as well. So if we quickly look at the market calendar for today, there are a number of items that I'm keeping a particular eye out for. And those particular numbers are not so much the non-farm payrolls number because the prediction for that is anywhere between 1.5 million plus to 8 million plus. Well, that's a big range. So what does it really tell us about the overall state of the US economy at a time when some parts of that US economy are locking down again? So it's very backward looking in the context of where we're heading towards. So this is the headline number here, 3 million from 2.5 million last month in May. We had a huge revision yesterday in ADP, the ADP payrolls report for May. That was initially a negative number and it was changed to a positive number. There was an almost a 6 million swing in the ADP payrolls report. I mean, that is just mind boggling. So it really gives you an indication and an insight into how quickly this data can change on a month-to-month basis. So I'm not really sure what sort of value these payrolls numbers are likely to add when it comes to the overall direction of the markets at this point in time. I think I'll say what I've always said, you basically trade in the direction of the trend. So for me, whatever these numbers come out at by the dip is pretty much by the dip because there's not really going to be anything much of a surprise. It's simply because it's not going to be a surprise to anyone that the jobless figures are going to remain high for quite some time to come. And also what we're also seeing is the fact that the furlough scheme is cushioning the blow of the unemployment hit. So you're not going to see a big drop-off in consumption over the course of the next two or three months simply because people are still getting their furlough checks through. Vine Dease is 23 years old. She works in Ohio in Columbus. She works in childcare. She's just received her furlough check two days ago for April and it was $3,200 for two months while she wasn't working. So that is going to cushion any blow when it comes to any immediate hit to the consumption numbers and particularly retail sales and what have you. So in terms of the US economic data that we've been seeing quite recently, we've been seeing some decent bounce backs in the ISMs. We've seen a fairly decent rebound in the new orders data. And we've also been seeing a fairly decent rebound in the retail sales data. And that's not surprising because a lot of these US consumers have been receiving fiscal stimulus checks. But once the furlough schemes run out, that's when you're going to start to find that things get stuck in the mud. And at the moment that doesn't look like it's going to happen. So the US unemployment rate, while very, very high, could well slip back. But for me, that's not really the important number. The important number for the US data is probably the continuing claims number, which last week dropped below 20 million for the first time since April. And you can argue whether or not that's symbolic. I would argue that it is more and more people are going back to work, which is why I've indexed it here. I basically set it as an alert in the market calendar so that it pops up just before the numbers come out. And you can do that very, very easily from the market calendar. It's in the News and Analysis dropdown. Select the market calendar. Expand the menu out and then either select it as a single alert or a recurring alert so that every time you get an economic announcement, your platform reminds you that it's coming up and then counts you down on a 10 minute countdown into the numbers. So these are all, this is all the data that's due to come out. Obviously we've got average earnings. Again, that is artificially high simply because what we saw, what we've seen over the course of the last few months is most of the jobs that have been lost have been at the lower end of the earnings scale. And that artificially pushes up the average earnings numbers simply because an awful lot of the jobs that are lost have been low wage. You take a load of low wage jobs out of that calculation and it pushes the average up quite substantially. So we want to see that number come down from the 6.7% that it was last month to 5.3 maybe even lower. If it comes in lower than that, then it's potentially you're seeing more and more of those lower paid jobs coming back off furlough and back into the workforce. A headline number is 3 million. It could be 5 million. It could be 8 million. It really, really doesn't matter that much. What we are looking for in terms of the claims numbers, because the claims numbers still remain very, very high, is we're looking to continue to see those numbers decline week on week. And more importantly, the continuing claims, we want to see them come down. The continuing claims over the course of the last five or six weeks, we want to see them come down to the mid to low teens because not every single job is going to come back. And ultimately, these numbers hopefully will be fairly positive for equity markets. Even if they are worse than expected, you'll probably see a little bit of a pullback before more buying kicks in. Let's not forget it's also a long weekend for the US. We've already seen fairly decent gains this week. So we could find that any gains that we see this week could be tempered by the fact that people won't want to be overly long heading into the weekend. Certainly, if we look at the FTSE 100, we've been pretty much trading sideways with the 50 day moving average is acting as fairly decent support pretty much over the course of the last few days. It's a similar sort of story when we look at the German DAX as well. We can see that here. We've got six minutes to go. What I've drawn here is some fairly decent converging trend lines here, which are not really telling us too much. In fact, that particular line is probably less valid than this line that I've drawn through the highs that we saw in February here. Let's actually look at the way the DAX has been trading over the course of the past few days and weeks. It's been trading pretty much sideways with the top end here of around about 12,500 and the bottom end in around 12,000. So we've been trading in a 500 point range for the DAX, albeit with the resistance coming in at the top of this line here. So I'd be surprised with these numbers today if we break out of the range that we've been in over the course of the past few days and the past few weeks. Let me just pull this over here so that we can pull that out of the way. Some reason I've lost my non farm payrolls number is probably hidden it behind me. There it is. Let's just pull it out there and then pull this over here. There we go. And if we go to the S&P 500, you can see how very much similar the graphs are when it comes to the way these markets have traded over the course of the past few weeks. And that's important. It's important in the round because if you're going to see a big sell off in equity markets, you really need to see it across the board. You need to see it in the S&P. You need to see it in the Nikkei 225 and you need to see it in the German DAX. So for me, again, 50 day moving average has acted as a fairly decent support on the S&P 500. Let me zoom that out for you trading around the 200 day moving average momentum is certainly building up to be fairly positive. And but again, as with the DAX note how that we've run out of steam anywhere near 3,170 on the top side and we're not too far away from that now we're still 35 points away. But we've seen three positive. We've seen a positive day every day this week for the S&P 500. We've seen the NASDAQ continue to post new record highs pretty much on a regular basis. The NASDAQ has swept all before it, but that's largely as a result of the fact that we've been driven by the fang stocks. The Microsofts of this world, as well as Apple, Amazon, Alphabet, Netflix. They've really driven an awful lot of the rebound that we've seen in US equity markets and the fact as well that the Fed has pretty much said that it's a lender of last result for the US economy. And that in essence has helped to put a really decent floor under equity markets in the short to medium term, which again means that we're very much in by the dip mode when it comes to equity markets. But you've got to ask yourself ahead of a US long weekend whether or not we've got the impetus to go much higher from where we are at the moment. Now let's look at Cable and let's look at Euro dollar before the numbers come out because this is very much going to be a dollar figure. And again, we've seen a little bit of dollar weakness. Whenever you see equity market strength, you generally tend to see dollar weakness. It's the classic risk on trade. Buy equities, sell the US dollar. The US dollar tends to act as a bit of a haven. So a potentially negative number is certainly like to be a little bit conversely is likely to be dollar positive. Make of that what you will. But generally people tend to come out of activities. Now what am I seeing here with respect to cable cable looks fairly well bid. But again, we're near the highs that we saw from the end of June around about 125 50. So there's a bit of a barrier there, but we saw a fairly bearish. Sorry, we saw a bullish reversal candle on the 1st of July, which suggests to me that we could well see further gains, but it was a similar sort of candle here. This 125 50 is quite a key resistance level. So for me, I think it could struggle to make much progress above 125 50 similar sort of story when it comes to Euro dollar. We're pretty much at the top end of the range. We've got solid support or 111 75 80. It's held fairly solidly. If anyone of you who look at my chart forum updates on a fairly regular basis will know the Euro dollars been pretty much a buyer around 111 75 80. The lows, the highs are getting lower though. So we could test back to this level here in June. We're at about 113 50. But it is looking a little bit toppy if we draw a line through the highs through here. So I'm very much of the range of the opinion your dollars of range trade cable is a range trade. And I would continue to trade it on that basis. One of the things that could drive the cable and your dollar is obviously Euro sterling and your sterling has been on a tear up until very, very recently, where we've seen a fairly decent move higher. But we do appear to be on the cusp of potentially breaking lower. Now, if we break below 89 90 on your sterling in this trend line here, we could well trigger a move back lower. We've already posted a bearish reversal on this daily candle here. We need to take out these loads. We could get a re we could get a bounce off this trend line initially. But I'm of the opinion that we've probably seen the short term peaks in your sterling and could well head lower on a break below 89 90. But you have to be nimble with your sterling. It does have a tendency to catch you out. Okay, so let's get ready for the numbers because they're coming out right now. And here we go. They're coming out 4.8 million on non farm payrolls 11.1. That's a bigger than expected fall in the unemployment rate. Which you would expect to see given the fact they were only expecting a 3 million rise 4.8. My prediction was 4.5 so I wasn't far off. But again, that was me just throwing a data to dartboard 11.1. That's fairly decent. Let's look at the underlying internals of the number again. So go back to the market calendar. And let's look at the under employment rate because the under employment rate is over 20%. So those people who want to work more but can't. So the under employment rate is fallen back. See if we can find it and all of these numbers here. Continuing claims 19.29 government payrolls 4.8. 1.76 1.42 weekly and it's not there. It's not there. So let me just grab the Bloomberg. Let me grab my Bloomberg and I can tell you what the under employment rate is. And he is there with me. So the average earnings numbers fallen by more than expected. It's gone down to 5%, which you would expect the under employment rate has fallen from 21.2% to 18%. So by and large that is a fairly decent payrolls number. The under employment rate has fallen by more than expected. The participation rate, which is the number of people actively looking for work has gone from 60.8 to 61.5%. And the initial and the continuing claims have continued to fall. They've fallen from 19.5 million to 19.3 million. And though the previous week on the continuing claims has actually been revised lower. So continuing claims have actually flat lined from 19.23 million to 19.29 million. So what does that tell us? Well, it doesn't really put us in any much of a clearer situation than we were beforehand. The furloughed employees, more furloughed employees than anticipated have come back to the workforce. That's a positive, but of course that's telling us what has happened in the past. We are coming at this now from a place whereby Apple has reclosed another 77 stores. We've had Arizona, we've had California, and we've had Texas say that they are considering delaying the reopening of their economies as a result of rising infection rates and concern about rising death rates. So on that basis, you have to think that there is a risk that this rebound that we're seeing in unemployment or employment is likely to run into the mud unless these states decide that they can reopen after all. And I think that's the big concern at the moment because of this uncertainty about rising coronavirus cases in the coming months across a number of states. There is a risk that the rebound that we're seeing in employment right now could actually start to reverse itself as we head into July and look to August. And let's not forget that these rising infection rates that we're seeing now came four weeks after the Memorial Day holiday last month. And now there's a long weekend in the US because of the fourth of July celebrations. What price, I ask you, do we get a further rise in infection rates four weeks from now? So it's very, very difficult to really state with any degree of certainty what this would mean for equity markets going forward. What I can tell you is that is a fairly positive report. It's likely to drive equity markets higher in the short to medium term, but it's going to be against a backdrop of rising uncertainty. And you're seeing that in the DACs. You're seeing the DACs start to move back towards this trend line here and these peaks that we've seen over the course of the last month or so. The previous peaks that we've really struggled with over the course of the last four weeks. On the 9th of June, the 9th of June, keep an eye on those levels because it's quite likely you will probably see a retest of them before we come back down again. A similar sort of thing for the S&P, we're likely to open quite a bit higher and go back and retest those 3170 area that I talked about earlier. Here this peak here that we saw in mid June, 3167, 3155, 3160, looking to retest those highs over the course of the next couple of hours. And let's not forget US markets haven't opened yet. They opened in 55 minutes. So when US traders come in, these S&P futures could well get a little bit of a slap when US markets reopen. Now, if anyone has any questions on anything that I haven't covered, please feel free to use the questions facility on your dashboard to fire a question in my direction. One of the things that I have noted is that while equity markets have gone higher over the course of the past few weeks, gold has also gone in the same direction. Now, gold's coming off a little bit at the moment, but it has made new seven year highs in the past couple of days. But for me, I think there is a risk that we could be starting to get a little bit, the air could be starting to get a little bit thin. And the reason I say that is if we take this chart out and we roll it all the way back to 2012 and 2011, we can see there's a fairly decent barrier at around about $1800 an ounce. Question that I've been asked, how is best to trade this economic news with orders on both sides long and short? Yeah, I mean, that is essentially the way I would play it. You play the underlying range of the market that you're interested in. If you look at the way the DAX has been trading over the course of the past four or five weeks, you've pretty much seen you've seen good data on the one hand. While you've also seen concerns about rising coronavirus cases on the other and potential localized lockdowns, crimping economic activity on the other side of that. You've got news about vaccines, you've got news about treatments. They're likely to be positive, but on the flip side of that, you've got social distancing is not likely to be relaxed anytime soon. So even if you manage to get every single economy up and running, you will not see anything close to the type of economic activity that you saw pre-COVID-19 lockdowns. Simply because governments will keep social distancing in place for the next 12 months. You're not likely to ease those apart from potentially in schools where social distancing is impossible. But certainly in terms of public spaces, pubs, bars, restaurants, cinemas, gyms, anything where you can expect to find an awful lot of people, you will find that some form of social distancing will mean that there will be limits in the number of people that can be in any one building at any one time. And that will limit economic growth, it will limit cash flow for these businesses who rely on footfall. Any business that relies on footfall will find it much more difficult to generate the type of revenues that they would generate 12 months ago or even six months ago. And I think that's the key thing that I think markets haven't fully grasped when they start to extrapolate potential profit margins going forward. So being asked about trending markets are hard to find these days, you're absolutely right, they are very, very difficult to find. And I think that's why if you're looking to try and trade the big move, you've got to be very, very selective. You can only trade the big move when you actually know that there's been a significant breakout. And to my mind, that is very, very difficult thing to predict. There's no easy answer to that. So when you're looking at something like gold prices and you're looking at the series of highs that you've got all the way through here, this is a monthly chart. Look at the long shadows on this, this 1800 level is a big, big level on a monthly close. We haven't actually really closed above it apart from in middle of 2011, we've only closed above that level once on a monthly close. So it's going to be a very, very, very, extremely important level. And that would suggest to me that 1800 is probably going to be a very tough nut to crack, given where we've come from over the course of the past two to three months. So that's why I've drawn that line in there, so that when I go and take it down to my daily chart, I can see it coming at the top. And that reminds me, if I'm long of gold, to take a bit of profit, because it's unlikely that it will break on the first crack. And it probably won't. And probably what will happen, as has been the case for most of this move higher in the gold price, is tested back towards the 50 day moving average on a fairly regular number of occasions. And while it has traded back towards the 200 day moving average, it's unlikely in the short term to trade much below it. Gold is very much on this basis here. We're near the top in the short to medium term. And we're likely to drift back down while equity markets remain fairly buoyant, which is the case here. If we look at the FTSE 100, we can see that the likelihood is we're going to trade back towards the 6400 level over the course of probably the next few days, over the next month or so. Simply because we've got series of fires all the way through here, we've really struggled to get much above 6500. And if we actually take that out into a weekly chart and put some Fibonacci retracements in it, which I tend to be fairly decent fan of, because they can give you a decent indicator of the way the markets trade on a purely mechanical basis. And then just drop that in there. Change that to a daily chart. Like so. This is what I do with all my charts. Just to give me a fairly decent idea of where the key levels are. Get rid of the levels that I don't need. For example, I don't need the 23.6. It's not really that much of a value. So I'll just remove it. Like so. Then we can see that six and a half thousand is a pretty decent level there or thereabouts on a Fibonacci retracement. It's around about 61.8. So with respect to the FTSE 100 look to sell any strength back to the series of peaks through here with a fairly tight stop anywhere near around 6400 perhaps for a move back down towards these lows here and then pick them back up again. We can actually drill it down even further than that if we want to and just go to four hours. And that gives you a much better indication of where you are in terms of where the dips are. So you can see here that on the 26th of June, we ran out of steam around about 62.55, 62.60. And we did the same thing on the 30th of June. Could well do the same thing again. And even if we do edge much a little bit higher, you've also got series of resistance anywhere between 6300 and 6,340. The oscillator starting to look a little bit overbought, which would appear to suggest that we might squeeze back to here, but I'll be surprised if we squeeze that much higher. Now, yeah, you're right. In terms of my trend lines tend to converge and squeeze the price action channels. They do that. And the trick there is knowing when to stop following a particular trend line, for example, and remove it. And that's really why I removed the bottom channel or the bottom trend line on just close that notification. Well, I removed the bottom trend line because what we've got here is the consolidation is getting tighter and tighter, which means that the pressure is probably starting to build up for a break towards the upside in the short to medium term. Because if we actually look at the way this chart is breaking out and again, I'm going to drill down into a slightly shorter timeframe. We can see that we've got one, two, three attempts to break below 12,000 over course of the past few weeks and three attempts where we failed. This will be the first attempt at the previous high 12,600, but we've had three attempts to try and break lower, which would suggest that we're probably going to have a crack and it's up a line over the course of the next few days. So I would certainly be looking to pick up the DAX on any dips back down towards 12,300, certainly for a retest of 12,600 because the buyers have tried on three occasions over the course of the past month or so to try and break lower without much success, which would suggest that maybe the markets a little bit short. So the one way to find out what positioning is like in terms of clients, client sentiment is something that I use quite a lot on my platform is to see which way the smart money is looking. And the smart money on our platform is our most profitable clients. And I've used top clients and a lot of the top clients who've been the most profitable over the last three months, 61% of them are long. So these are top clients are our most profitable clients over the course of the last three months. Our most profitable clients are currently long of the DAX that's down 8% from 24 hours ago. Now, why is that down? Well, simply because we're a lot higher now and people are starting to take a little bit of profit and 39% of them are currently short. So people are starting to take profit as we approach this 12,600 level and we head towards the weekend, but certainly it gives you an indication of the flow of the money. It was 69% long yesterday, now 61% long today as we head lower, which means that we could well expect to see that number come down as we head back towards these previous highs here. So it gives you a decent indication of where we are. So that's top clients, that's combined. And that's all clients. So you've got some of the smaller clients are now starting to look a little bit more towards the short side. But at the moment, it's a fairly decent insight into the way clients are thinking in terms of where they want to be when it comes to trading a particular market. And again, if we look at the S&P and look at this particular market here and look at the client sentiment for that, again, gives you a decent indication. Select this option here, go to client sentiment, which is under market pulse and it's more 50-50. And it's not really surprising when you consider where we start the week for the S&P, but it's up and it's up 11% today. So actually what you're seeing is a completely different scenario play out on client sentiment for the S&P. You've got 51% of the cash currently long, it's up 11% from where we were yesterday, up from 40% yesterday. So whereas people are starting to take profit on the DAX over the last 24 hours, what you're seeing with the S&P is people are continuing to buy it because it was there 40% long yesterday and now 51% long today. So the smart money or the most profitable money is still thinking on the basis of the the S&P is looking to retest these highs and potentially go even higher. So from that point of view, client sentiment can be quite useful into the psychology and thinking of what the rest of the client base, our client base is doing when it comes to a particular market. Sometimes it can be too much information and can make you second guess yourself. If you look at cable, in terms of cable, 74% of the money sitting in cable is long and only 26 is short, which maybe suggests that maybe we're starting to get a little bit too overly bullish on cable. I wouldn't be comfortable being long anywhere near 21, 25, 50 at these sorts of levels, simply based on where we've been over the course of the past few weeks. Cable is trading in a range and I see no reason to change that simply because being long a cable at this point in time when there's an awful lot of Brexit talks going on suggests that there's probably more downside risk than upside risk unless they do sign a Brexit deal between now and the end of the month. If they do sign a Brexit deal, that is, I think, uniformly sterling positive. And we've also got the fact that the Chancellor of the Exchequer is giving a speech next week, where he's going to outline his plans with respect to fiscal stimulus, which is also likely to be fairly sterling positive as well. So again, that could suggest that maybe there's more upside in sterling than there is downside. And if euro sterling sells off, that should be fairly bullish for cable anyway. In the overall scheme of things, but certainly I'm much more of a cable buyer on dips than all for a lot of people, especially when you hear people like Bank of America saying that the pound is an emerging market currency, which is not, but it's good copy. It's not an emerging market cable when it was in the 1990s and it used to trade in 300 point ranges on a daily basis. It is not an emerging market currency. It's not trading like an emerging market currency. You know, these, these articles sometimes I think are written by people who've never sat at a trading desk in their life. It's just absolute nonsense, but it makes for a good headline. If you look at the pound, and you look at the 200 day moving average here, you can see that this 127, 126 area is likely to be a fairly decent resistance area going forward. So it's unlikely that we're going to see it move aggressively through this level on in the short to medium term and if it does then obviously I'll change my mind they'll take my pain like any other stop loss and move on to the next trade. I am client sentiment on gold. Yeah, let's have a look at that. More than happy to look at that. Let's look at the chart. He talks about that. You can do that for yourself. Of course, ladies gentlemen, if you've got a few got a platform. And again, it's very much steered towards the long side, but it's 11% down from where it was this time yesterday. So it was 80% of the cash sitting on gold was currently long, but it's not surprising that we've come off when you actually consider what the price has done since then. And actually what we've seen here on gold is a bearish key day reversal, which suggests that we've seen a short term top and a likely to head back down to around about 1740 1730 over the course of the next few trading sessions. As we as we head in to the end of the week, and obviously the US are off tomorrow. So you may find that there's a bit of a reluctance to hold any long positions over the course of a long weekend. Are there any plans to introduce indicator based alerts on the platform? There are always plans. Don't know how far advanced they are. Do you mean when an RSA crosses above 80% or below 80%, what type of alerts do you mean? Or do you mean when a moving average crosses 50 day crosses above the 200? What sort of alerts do you mean when you say indicator based alerts? Oh right, those two. I mean, those sorts of alerts should be fairly easy to add. I think it's really just a question of how many clients ask for them. Certainly, I think they would be useful. Would you want them to be in platform alerts or would you want notifications sent to a mobile phone? Because there are different types of alerts that you can have. So would you want them to be mobile phone alerts as well to notify you in platform or mobile? Okay, all right. Well, it's certainly something that I can put forward as a suggestion. We do have a suggestions box in terms of what clients want. And it's certainly something that I've asked for in the past. But again, it's all about priorities. And at the moment, it's probably only been asked for by, you know, one or two clients. And it's really a question of whether or not you can make a business case for it and whether or not there are higher or lower priorities than other things that clients have asked for. And certainly, it's something that I can put forward and see whether or not it's something that would be considered, you know, they would consider looking to add it. So, so yeah, any other questions, ladies and gents? Okay. I'm going to be doing all dollars are my mistake. Sorry, you did mention it. You did mention it. Let me see if I can find it. So go to the products menu library. So here's the menu and just go in the menu. USD said I am. There we go. That font is really, really small. This is one thing you can do with the platform. I'm not particularly happy with that font. So what I can do is I go to the settings tab there, which is like a little cog. I can change the font size, make it a slightly bigger font so that you don't need glasses to read it. And change various other settings as well. Get rid of all this cluster on the right hand side of the price scale. And then we can talk about dollars are looks like we're probably going to head back towards these lives here. We've got a nice little trend line coming in down from these peaks all the way back there. Let me just extend that backwards. There we go. And then there was a horizontal line along the bottom there. That looks very decent. Get rid of that. So I mean dollars are looks like it's going to head back down towards this supporter around about 1633 the oscillator is looking. It's already starting to roll over running to resistance through these highs through here. So on that basis, I would expect this to continue to fall back down towards these lows here. Hopefully that answers your question. Anything else ladies and gents. Before I wrap this up for you. Okay, so you know to summarize fairly decent payrolls report. Obviously good for risk. So it's going to underpin equity markets going into the weekend. But overall, I don't think it's going to drive us out of the ranges that we've been in over the course of the past few weeks, which means continue to play the range on the currencies continue to play the range on equity markets. And until next week, when I'm sure we will get a similarly inconclusive payrolls report, and hopefully will have come out of the ranges that we've been in over the course of the past three or four weeks. Of that, I have my doubts, but until next month. Thank you very much for listening. I would also say I will be doing a weekly video as well. Tomorrow, which I will also post on the CMC markets. YouTube channel. And I'd like to also bring your attention to a new feature that we just launched called share baskets. Which is also a very good way of spreading your risk when it comes to trading tech or 5G or cybersecurity or collaborative technology or social media worth having a look at. Because what it allows you to do is rather than putting all your eggs in one basket. You can set them across a whole host of different asset classes and you can find details about that on the CMC markets website underneath the option for share baskets and in the markets section. So, which is here on this drop down menu where it says markets. It's a little bit slow at the moment. But there's your range of markets there is the markets overview. And then you've got share baskets there. So just select share baskets from there. And I'll tell you all about them how they're weighted. And I've also written a piece on it which you can find on the news and analysis section of the website. I'll go into details about how some of the share baskets have outperformed the S&P and how some have underperformed the S&P. Anyway, that's just a little pitch for you in terms of new instruments and what have you. And we've also got a whole host of ETFs as well separated them out and forex indices down here. We've got the CMC dollar index CMC sterling index, which are quite useful in terms of measuring overall moves and strength in terms of the US dollar, the pound and the euro. Anyway, I digress somewhat. Thank you very much for listening. Ladies and gentlemen, wish you all a good day and hopefully a successful one and a good trading weekend. Thank you very much for listening until same time next month. Thanks very much. Cheers.