 Hi, good morning and welcome to today's products and focus so last night we had the FOMC meeting Where the basically gave an indication that there would be an interest rate hike in 2015 not necessarily in September didn't specifically highlight that that date But they did say that it's not so important the the first Hike is the trajectory of future hikes And basically a lot of traders taken that the fact that there will probably will have this hike in 2015 but the The kind of the trajectory of the future hikes will not be that aggressive. So the dollars can have really taken a bit of the backseat Sterling is smashing it just now the euros were covered obviously dollar yen has dropped down a fair bit and What that's done is also had a highlight that the American economy while doing okay There are a number of risks to the potential growth in the future and that the FOMC were kind of revising down some of their Forecasts for 2015 2016 and that's why you're getting this kind of doji formation here on the US 30 It was an okay statement. It didn't say that I had a huge unbelievable confidence in the US economy things were looking okay but they could be better and You've seen that impact on the US dollar when we look at the FX pairs there And this is where we set with the US 30 So in between two ranges still go that death cross and moving averages all of the technical indicators relatively neutral with 17747 being support and 1812 being potential resistance So then looking at the UK 100 it reacted kind of a little bit negatively also that sterling strength should start impacting some of the Support of resistance levels to start impacting the strength of the UK 100 and as you can see there We're broken through potential support at 66 86 now eyeing up 65 89 And that's almost a bearish engulfing pattern that we've gotten the candlestick formation right there Whereas we're just moving into Over sole territory there on the RSI and the slow stochastic. So we've not had that signal to buy yet but There is undoubtedly a technical signal there saying that things are perhaps slightly overdone So it's worth doing that of mine There is a fair amount of economic data due out today where we have a retail sales CPI employment data and the Philly Fed Results out at 3 p.m. UK time So moving on to Japan 2 to 5 we've just broken through potential support That's was to get a lot of yen buying at the Spence the US dollar dolly ends back down to 122 and that was that drop from 124 and change so That yen strength also safe haven asset especially with Greece the way that it is just now things they're looking quite Turbulent there broken below potential support and that 55 pureed SMA any move below that opens up a potential move towards 19,043 will longer term potential support 18 648 But the dollar yen exchange rate will be very important for the future direction of Japan to do 5 Moving on to dollar yen. We have a graveyard doji formation just below potential resistance Broken below 21 period SMA looking at 121 87 as a next potential support level And certainly with that major piece of fundamentals around FOMC in the lower trajectory of future US rate Hikes that is going to impact the strength of the dollar to be honest That is exactly what they want to happen just now because they don't want the dollars again rampant strength Looking at West Texas crude. We're seeing a consolidation round 5950 quite You know, we've got another doji spinning top-style formation right here with a slow grind down Things are looking a little bit better yesterday But push push right back down but then decision and remember the dollar has lost a little bit of strength That's that that's probably mainly due that sell-off and play mainly due to the Downward revised forecasts that FOMC had the US economy now looking at gold Gold net positive on the back of that result obviously sensitive tensor straights But if they're going to raise rates at a slower pace then that could be okay for gold in the future And obviously the dollars come off as helped push gold up that little bit higher as well Moving on to euro dollar your dollar coming close to potential Resistance round about the tips of these candles are 113 88 With the next potential support at once by 11 still and play Technicals are heading into overbought territory not quite there yet. So there's still a bit of room for maneuver But grease is a big well card right there looking increasingly likely that no deal is going to be reached And the sterling great data coming out the UK it might even look that the sterling might end up The new case or a might end up raising rates sooner than people had expected and that's why you're seeing this massive increase in Installing versus the US dollar because obviously you've got a flip-flop off Of positions there and you know the US dollar was all about they're gonna be raising rates first You know raising rates at faster pace and now it's like yeah, they might raise rates first but they're gonna take their time and You can see the candle that we had there yesterday breaking above the historic potential support at the top end of May there We're still above it just now with one spot 59 as an x potential resistance and break it above that with up 162 So as we already talked about the macro data events for today Quite a number of updates obviously UK retail sales will be useful for cable traders have more fuel to that higher interest rate Discussion in the UK, which is it seems to be the first time that's actually been mentioned for a number of months but that is what some commentators talking about and If we fast forward on to Friday, you've got German PPI Public finance data and then if you fast forward on to Monday next week You've got a CCI for your zone and existing home sales for the US as ever look at Michael Houston's analysis that he's done They're on major FX pairs end sites here is your inside track from a global analyst team and join me again tomorrow to find out What happened next?