 Good morning, ladies and gentlemen. Welcome to your daily news update from the Frankfurt office of CMC markets the business roundtables CEO Economic outlook has been published in the United States. It rose by 4.6 percent to 74.2 percent That is for the fourth quarter and it is the highest mark and the highest reading since the second quarter of 2015 so the outlook of CEOs is Improving but it's still below its long-term average, which is around 79 if you look at the positioning of those CEOs and CFOs of insiders So those who really know where companies are going and might have insider information Those traders need to report up front what they are doing Or at least I have to let the public know afterwards what they how they are positioned. So they Are selling four times as much shares as they are buying right now and the selling ratio versus the buying ratio has increased since Donald Trump has been elected so according to the publisher of that statistic in the United States that Or might be signaling a weakening market that might lie ahead This week it is it is really all about the ECB. It's the ECB super thirsty with Super Mario and Yeah, that will lay the foundation For what might come next week with the Federal Reserve But both central banks might go in different directions The Federal Reserve will high grades the ECB will not high grades the Federal Reserve Although they might have problems really giving an outlook for 2017 a monetary policy there because it's uncertain how the policy or To Trump politics will really be So it might be difficult for ten at yellow in the press conference next week to really give any details, but She will say that gradually she will continue to hike rates If Mario Tragi would say anything about tapering that might be Too early for the Eurozone because the ECB has not reached its inflation target growth is still down So it might be that those two central banks are at least for a half a year to 12 months I'll go in in different directions where the ECB is continuing to to go full throttle ahead with monetary easing while the Federal Reserve is Breaking down its speed with monetary policy and it's going towards a path of normalization of monetary policy so that is actually the Precursor or might be the precursor for a sudden and strong move in euro dollar which has Consolidated over one and a half up to our most two years. It's been in a range of 114 to 105 now we are at 107 one around that So right at the support of the lower bound of that side was range and so that means that It might bounce off of that support That depends on what Mario Tragi will say on Thursday or he might break down below the 105 104 60 mark and that support might be Broken and that would mean that there might be the parity coming versus the US dollar