 Welcome to the CMC Markets webinar with me, Market Analyst David Madden. The time is 12.15, the date is the 14th of August and just before we kick off the webinar as we always do, I will just briefly have the risk warnings left up here on the screen for you to read yourself. I'll leave them on screen for a number of seconds. I won't take you very long to read through but it will certainly keep our compliance department happy before we actually proceed with the actual webinar itself to make sure you have a good read of that before we actually continue on with the actual webinar itself. Now that we've gone through the risk management risk warning slides, we can now actually focus on what has actually been going on in the financial markets. We saw a major bounce back in European equities this morning. We had some obviously some major turbulence last week. Last week was the, in terms of weekly performance, was the second worst weekly performance for what the Dow Jones, as in the S&P 500. We saw major losses in Europe, we saw losses in Asia, but this morning we've seen a bounce back in European equities. Over the weekend we've had an announcement from the representative of the CIA in the United States who stated they're not expecting imminent war with North Korea. Nonetheless, tensions are still very high. We just haven't progressed on, thankfully, any additional escalation to the standoff between North Korea and the United States. And what has that translated into is that we've seen a lot of bargain hunting and a lot of bouncing back and some short hunting, short covering rather, bargain hunting and short covering. We've also seen a bounce back in indices in Europe this morning. Looking in terms of the moves you could potentially see for the week ahead, taking a look here at our update, our weekly calendar for the week commencing the 14th of August, which can be found on the, go to our website under the news analysis, scroll down here under topic, look at weekly outlook, and we click on this weekly earnings calendar at week commencing the 14th of August 2017. We talked about the major announcement that we have met with that are on the cards for the next few days both in terms of corporate news and also in terms of economic data. In terms of what to look for, we'll talk about the numbers we had in China overnight in a moment, what to look for during the week. On Tuesday, we have US retail sales. On Wednesday, we have the update from the Fed of Reserve. Also, Wednesday, we've numbers out from Cisco Systems. On Thursday, we've numbers out from Walmart and turning to the corporate calendar this week, to be honest, it's very, very quiet. Looking ahead to tomorrow, we've got second quarter numbers out from Home Depot. As I mentioned, Wednesday, we have Cisco Systems. We also have enough second quarter numbers from Target on Wednesday in the United States. We have the clothing retailer from the US, the Gap reporting their second quarter numbers on Thursday, and on Friday, we have Footlocker on John Deere. So in terms of corporate stories, it isn't the most interesting to be perfectly honest. But if you do have positions in the stock, it is obviously very much worth a while tuning in. Now turning our attention to what's going on in terms of corporate news, in terms of economic indicators. Here at CMC, we have an economic calendar built into our platform. It's under the Market Pulse tab, and it is the fourth option down, Market Calendar. Let's talk about what to look ahead to first and foremost, and then afterwards a double back and talk about the numbers that we've had out today. So looking ahead to tomorrow, what we can expect on the economic calendar. We've growth numbers out from Germany at 7am. Half-night, we have CPI numbers out of the UK. That's obviously going to be a big one to watch as I mentioned a moment ago. Retail sales from the United States out at lunchtime on Tuesday. Turning our attention to Wednesday in the UK, a half-night, we have unemployment numbers. We have Eurozone GDP numbers out at 10am on Wednesday. As always, a half-three. We have the oil inventory figures coming out at half-three. It's obviously going to be very important and very much in focus if you're trading the oil markets. On Thursday morning, the early hours of Thursday, we have trade figures coming out from Japan, unemployment numbers coming out of Australia, retail sales from a half-night on Thursday morning from the UK, and we have CPI numbers coming out of the Eurozone on Thursday morning. And lastly, on the days, looking ahead for the week, Friday would be one of the more quieter days. We have CPI numbers coming out of Canada. In the morning time, we have CPI numbers coming out of Germany, coming out of the University of Michigan Consumer Sentiment out of the United States. Turning our attention to what we saw overnight, we saw some quite strong growth numbers out of Japan overnight. There's a quarterly numbers on an annualized basis. So, for the second quarter, the Japanese economy grew by 4%. That's well ahead of the forecast of 2.5%. And it's a considerable increase on the previous update of 2.2%. So, despite the fact that we saw quite good numbers out of growth numbers out of Japan, we did see the Nikkei trade lower for a combination of reasons, partially because the Bank of Japan has a very aggressive stimulus policy in place and good growth numbers could then translate to the Bank of Japan possibly looking to altering or tapering in the size of the very aggressive bond buying scheme. Analysts and traders aren't really calling for that just yet, but it's a step in the right direction. It's a classic example of good news being bad news. Good news for the economy can mean bad news for the stock market in that whenever the stimulus package shows sign that it's actually working, you will then see central bankers look to alter and rein in their very loose monetary policy, something which we'll talk about regarding the Eurozone later in the webinar. Overnight in China, in a way almost the opposite impact, in China we saw retail sales coming lower than expected and decline on the last report, same with industrial production and same with fixed asset investment. So what we saw in China was further evidence that the second largest economy in the world is cooling, but we did see shares in both Shanghai and Hong Kong perform well. This is the opposite effect whereby you can have bad news equals good news in that news that which isn't great for the economy can actually lead to central bankers and policy makers in terms of fiscal policy, in terms of infrastructure spending and projects actually increase speculation, we could see some assistance from the Beijing authorities or the actual central bank itself. So this is the opposite impact whereby we saw weaker than expected retail sales, industrial production and fixed asset investment in China, but we actually saw the markets in Hong Kong and Shanghai trade higher on the back of it. Why? Because we all know that the Chinese government will not allow their economy to cool down considerably, they'll actually allow a gradual cool down, we should we see any signs of that it's cooling down considerably, that's when we could look to actually getting some sort of stimulus package or else being in the form of an actual fiscal package, be it something like infrastructure projects or perhaps the loosening of credit lines to make credit more easily available. But as I mentioned we did have a very positive start to the trading session here in Europe, I'm taking a look now at the FTSE 100, it's on quite well in the morning so far. If we take a look at it here on the daily chart we can see today's move is we saw a major sell-off only on the Friday just gone, tested the support at 72.95 which coincides with the late June early July lows, but it managed to hold on to those levels. But what is concerning though is that when you see the market bounce back, as you can see in this positive candle here, but yet on the momentum side we are still seeing that negative momentum has actually increased on the time period. So this sort of divergence could be a sign that the move we're seeing higher, the positive move that we're seeing today may not last. Now when it comes to looking at chart price is most important indicator everything else becomes secondary, but this could be a clue that the upward move that we've seen today is just a bounce back in the wider downward trend that the market is in. So any kind of potential moves higher we could see in the FTSE 100 could run into resistance at this level here just shy of 7,400 at the one-day moving average and then beyond that at 7,431 the fifth-day moving average. But if you notice it isn't as clear cut on the DAX or the CAC, but broadly speaking we have seen a push lower since the all-time highs were created back in June. Should we see a move, should we take out this high here, this region, beyond 7,515 and 7,561 then we can be more confident that this at the move, the negative move we've seen since June was only correction in the wider larger trend. But should we continue to see FTSE 100 south of 7,400 we could continue to actually push lower and looking to the downside bears you looking towards 7,295 at this level here and then beyond that we've been looking towards the two-day moving average 7,248. You'll see what it means now whereby it becomes much more apparent that the downward trend is is still in place in the Jura market in the DAX. So as you can see here after creating an all-time high in June I think once it creates a newer low, lower high, lower low, lower high and then a lower low. So this move that we're seeing here this push higher we're seeing today could this be just a rally before the next the next move south bearing in mind it's a classy example of a downward trend lower lows and lower highs we've seen for about eight or ten weeks now. So we're currently trading at 12,143 on the Germany 30 but we could be looking at running it to resistance in around this region here the the august highs of 12,343 we may not even get that far we may only get as far as 12,200 before we potentially take the next move lower. If we move north of 12,343 then we can get a bit more we can get a bit more confident that this is just this downward trend you've seen since June is only more of a correction in the wider big picture and should we see that the next level to watch out for beyond that will be the 100-day moving average at 12,450 but if we fail to take out these levels here 12,200 and 12,343 we could be looking to get a retesting the 200-day moving average at 11,924 and then beyond that we're looking back towards the 11,800 levels. To be fair the European the US equity markets have been in far better shape than the equity markets on this side of the pond and by looking at the Dow now you can see exactly what I mean by it. So the Dow Jones had a stellar performance here ratcheting up record high after record high the market just started to give back a bit of ground and we did see a large move lower on the back of the political uncertainty and the tensions between the United States and North Korea but we have come off the lows here we did finish slightly higher on Friday after the major sell-off during the previous few days. So looking here on the US 30 the Dow Jones currently trading at 21,970 should we get north of 22,000 we're then looking towards 22,100 and then of course we're looking towards 22,200 it is a time of heightened political uncertainty but at the same time we don't appear the tension that don't appear to be getting any higher so it is possible that the pullback that we have seen here in the US 30 in the Dow Jones it's just a bit of a shake out before we resume the wider trend but that being said you must be very aware of the fact that as you can see while the market was pushing higher here it was confirmed by the push higher here in positive momentum now we've swung to negative momentum and actually negative momentum is actually increasing increasing at the same time the price is also increasing and that's a classic example of a diversion so this could be an indication that the push higher we're seeing a price isn't going to last very long and should we turn should the market turn over on itself we've been looking back towards 21,800 and then 21,741 and 21,688 taking a look now what's going on with the S&P 500 the S&P 500 is similar but not not as in a robust and kind of rude health as the actual Dow Jones is so not too dissimilar here we saw major sell-off last Thursday close higher on Friday fractionally and they were actually pushing higher again here on Monday morning in the S&P 500 futures it is worth pointing out though that we're still very much in negative region in terms of the momentum so you may want to be a bit skeptical before buying back into this at the time being we're trading north of the 50-day moving average I was in around the 2448 region we're currently we're currently trading at 2455 it has acted in some respect as a bit of a not a bit of a support ratio um and and and to the previous uh to previous pullback you have seen some dips below it so for so this possible that this this large sell-off here is just a dip below it and we're not going to get we're not going to have support from this price here in around 2450 should we take out this at this level here 2460 then we can become more confident that the the sell-off we saw and during last week was only just going to be a bit of a shake down a bit of a correction what we saw in the wider upper trend and then of course if you're going to continue out to press to 2470 then we become more confident again and then traders and buyers will start looking towards the all-time high of just shy of 2490 and then of course beyond that 2500 would be the big number to watch out for but should we see uh the market dip back below the 50-day moving average we then be looking at this price here uh the the friday low of 2432 and then below that we're looking back towards 2418 let's have a quick look at the nasdaq 100 as you can see uh probably has more in common for the price action with the smp 500 than it does with the dow jones so this this this major sell-off here trading below the 50-day moving average bounce traded north of it again we managed to kind of steady steady in the ship and actually look look look appear to be testing uh the highs of last week so we're currently trading 5,866 on the nasdaq 100 the 50-day moving average at basically 5,800 is providing support so while we remain north of that that's obviously going to be a positive indicator looking towards the upside we're going to be looking towards 5,897 and then beyond that we'll then be looking towards this high here uh in august at 5,973 and then beyond that looking towards 6,000 uh to the south side should we move back below the 50-day moving average we're going to be looking towards friday's low is going to be in the region of 5,760 and then south of that again we've been looking at the water-day moving average which comes into play just shy of 5,700 as we can see here on the sell-off that we witnessed in late june early july didn't even get as low as the water-day moving average so that's that's an indication that it has has even in advance acted as a as a level of support so if we push lower we could see some fresh buying in or around the 100-day moving average i will point out it is a bit concerning though that we we are seeing uh the negative momentum to be to be albeit declined slightly since friday still very much in negative territory as i mentioned a moment ago about divergence what need to be where he is if the if the market is moving a certain direction and in this case going on to create all-time highs you would like it to be also reflected in the momentum the rate of change as you can see here the market was creating with pushing on to new all-time highs but as you can see the momentum the rate of change ran out and then we saw a decline in momentum only only to have the market actually turn over on itself so just be aware that if you're buying into a market while momentum is in a negative territory it could be a sign that the current positive run may not last very long turning our attention now to gold which had a good week last week but can't surprise it's not having the best of times today given that it's very much a risk on attitude uh traders are taking so on last week when we saw a large decline in global equities the price of price we saw push higher in the price of gold and now this morning that we're seeing uh the reversal of that position we're seeing traders take on more risk buying into global buying into global equities and the flip side cashing out of your classic safe haven assets such as gold it is a bit concerning that gold didn't take out something to be worried about that the high on friday was 1292 gold didn't quite get to the high of the june high 2017 high as well of 1296 and we have managed to press a bit lower on that but by the time being we're holding firm at the support at 1280 should you remain north of 1280 the or like we'll still like positive considering that gold has broadly been trading some rain around the kind of low 1200s to high 1200s are basically throughout throughout the last number of months so we've seen a lot of kind of a range range bound action for gold it's shied away from breaking through 1200 but it's certainly held firm well above the 12 certainly it's held firm up north of 1200 so this could be just a continuation of the range bound move that we've seen in gold last friday's moving gold was also helped by the fact that the united states had an increase in inflation both on a month-on-month basis and on a year-on-year basis but both actually failed to actually meet expectations so on one hand it's it's encouraging to see that demand is picking up in the form of ever so slightly higher inflation from the united states but also on the flip side because markets have priced in a larger increase in gold we did see that additional jolt higher the fed watch which is a tool belonging to the chicago mercantile exchange the cme was pricing in a 38 percent chance of a rate hike from the fed reserve in december but obviously there's quite an inverse relationship between the perception of higher rates on the fed reserve and the price of gold looking to the downside should gold trade south of 1280 we were looking back towards support in around the region of around 1270 1265 turning stick with the commodities theme and turning our attention now to the oil market um over we heard from the international energy agency who stated that in july opex compliance with their agreed production freeze production cost dropped to 75 percent its lowest rate is in january so in an era whereby in at the end of may we heard that that opec members and a number of non opec members were going to have a coordinated production cut in a bid to actually ramp up the price but we did see some countries actually increase their oil production and traders then began to kind of lose a bit of faith in opec uh they started to believe that opec members and some non opec members were more inner for themselves rather than the wider organization so that this move here that we saw in late late may this push higher was actually the announcement that the opec at the the production cost is actually going to be increased and extend sorry it's going to be extended rather uh it's going to be extended until the end of march 2018 of what do we see we saw a large sell-off in the price of oil in the back of it since then we've had we've had a number of uh number of announcements out of all producing countries stating that they're not going to fall in line they're going to have higher adherence adherence to the actual agreement but for the time being equity and traders in the oil market still seem to be a bit unconvinced and what i was talking about momentum as we can see here the price of oil um Brent crude was pushing higher but it really kind of failed to make considerable ground north of 53 dollars a barrel and on the flip side we can see here that momentum is pushing higher but then as you can see the momentum is dwindling dwindling dwindling and then what do we see here it did if it surged higher um but it still has managed to fall back so for the time being while it remains just north of the two-day moving average which it currently is basically resting on at 51 dollars and 80 cents the outlook is still going to be positive but provided it hangs north of the two-day moving average and to the upside buyers we'll be looking towards 53 dollars and 83 cents the august high and then the may high 54 dollars and 55 cents 57 cents rather and then beyond that the april high of 56 dollars and 53 cents you if the market was pushing higher you would like to see a turnaround in momentum and momentum that should increase and gather with pace should we see oil fall back below the 50 dollar so i apologize the two-day moving average at 51 dollars and 80 cents then we think we get a bit more nervous and that's that's when you could see the oil price pushing back down towards 50 dollars a barrel or even down back towards 48 dollars and 92 cents it's a very similar chart looking at wti but the prices are obviously going to be different similar move at the moment at the last couple of trading sessions the price of wti has actually been trapped in between the two-day moving average at 49 dollars and 16 cents to the upside and to the downside the one-day moving average at 47 dollars and 84 cents so traders are going to be looking for a breakout in either direction that does could be the indication if we go if we if we go north we then be looking towards 50 dollars a barrel and then beyond that 51 six to six and 53 56 to the south side if you go if you go below the one-day moving average we're looking towards back towards the 50-day moving average at 46 dollars and 35 cents and then down towards the actual 45 dollar market itself taking a look now at a couple of big currency pairs like i mentioned any markets i'll be covering a few the major currency pairs in the next few minutes and any any any markets which i haven't covered please feel free to give a shout out and just put a message in the message box and i'll go down to cover those so after a tremendous run throughout 2017 we have seen the euro dollar push higher push on to fresh multi-year highs versus the us dollar as i mentioned at the beginning of the webinar talking about how good news can be good news in the economy can translate to an alteration of the central bank policy the weak euro for the last number of years has really helped the eurozone economy turn around and the better the better economic indicators we're seeing out of the eurozone which broadly speaking we have been seeing decent economic indicators from the region the more convinced traders will be that mario drage the president of the european central bank will in the next few weeks or months start potentially talking about trimming or tapering or reducing the size of the 60 billion euros a month bond buying scheme that the ecp had in place mr drage is due to speak at the jackson hall symposium later this month at the very end of this month and bearing in mind it was at jackson hall symposium three years ago when he laid the groundwork for the european central bank actually going down the route of having a major quantitative stimulus package quantitative easing program and now three years on the talk of him actually laying the groundwork for him having a having a potential discussion about reducing the size of it and that's precisely why we've seen the euro push higher and push higher also on the flip side it is against the us daughter so political uncertainty in donald trump's administration hasn't really helped mr trump hasn't been able to bring about welfare reform which which he pledged to bring in and that in turn has got investors and traders wondering what other if he's having this difficulty reforming the healthcare system in the united states how is he going to bring in banking reform how is he going to bring in tax reform how's he going to bring in all the infrastructure projects which were planned which is a so-called trump trade so we have seen a correction out of a pullback in the euro versus the us dollar but now we're currently trading just sub 118 on the euro versus the dollar if you get back north of 118 and 118 30 we can then become more confident that the the market is going to continue to press on the new multi-year high so what i would like to see is i want to see beyond this level here 118 30 and then we then we can become more confident that we're heading towards 119 10 and then on to the and then on towards the direction of 120 itself once again it is a bit concerning though that we are seeing a bit of an we have seen a push higher in the euro versus dollar and the last couple of sessions although although the while though that sentiment or momentum rather is negative so that is something to uh to watch out for this move higher this may not last very long if they could have the pointing for seeing negative momentum it could be nearly signed that the push i was seeing in the last couple of days may not last very long i'm aware of the time now we're finishing up in the next few minutes just gone quarter to one and it's a half in our webinar so we're finishing out a few minutes the pound has had a much worse time versus the u.s. dollar than the actual the single currency has but it does appear to be getting support here this this this large bench candle here it is from thursday the third of august when the bank of india i have a fairly dovish update so i've seen the fairly consistent selling of the pound versus the u.s. dollar uh momentum negative momentum is increasing it is it's continuing to increase so we could see a further push lower in the pound versus the dollar levels watch out for the downside it's going to be the 50-day moving average at 129.35 if you go south of that we'll be looking towards the one-day moving average at 128.54 and then back towards 128 the figure if you do see money come back into the pound any kind of rallies could encounter resistance at 130.59 and 131.131.64 but by the time being between the price moving lower negative momentum on the rise i think that we could see further losses in the pound in the next few sessions looking at euro versus the british pound euro sterling the euro continue to mix except very good gains versus the british pound it's currently trading at just north of 90 90 pence it's currently trading at 90 94 levels that i watch out to the up levels you're watching out for to the upside because it's in the product here it's like an obvious upward trend heading towards 91.41 and then beyond that towards 92 any moves lower that we see in the euro sterling looking back towards this area here of the actual of this price action here of 90.51 and then below that 90 pence itself and then sub that again we've been looking towards 88.80 i think quite a clear and concise bullish trend for the for the for the euro versus the british pound trading attention now to the u.s. dollar versus japanese yen so a considerable sell-off in recent weeks and months it's been a quite a quite an obvious push lower in terms of price action we've got what we've seen here since uh since well actually over a month now it's been a fairly consistent decline but we have seen a large turnaround today so we're currently after quite a considerable sell-off over the last four weeks we have pushed higher on the dollar again should we remain north of the other the support of the support here at 109.56 then we can we could potentially see a move back up towards 110.18 and 110.64 but the trend is very much to the downside the low here in august managed to take off the low in june so we could we could look towards a return back towards 108.73 which is the august low and if you take that out we'll be looking towards 108.13 uh have a look at the australian dollar versus the japanese yen how certainly will currencies the australian dollar versus the japanese yen so the first thing i'll just comment on this is that it's in a fairly this time frame here after quite a considerable sell-off uh the ozzy versus the japanese yen well by frankly for the last number of years we are seeing a bounce back in it whether this is just this this positive move here is just a correction of the wider move which is considerable the australian dollar as obviously lost considerable ground in the last number of years given the slowdown in their economy because the slowdown in the mining sector i know we have been seeing a broad push higher after about mid 2016 so looking at this chart here on this time scale i would say it's a fairly clear and obvious upward trend but getting closer to what we've seen more recently we've seen a fairly aggressive sell-off in the ozzy versus the yen partially because the uncertainty recently uh has prompted traders to buy the japanese yen it's one of the classic safe haven currencies but notice how here what we're seeing here is what i'm talking to you about momentum how ozzy the ozzy yen is pushing higher we can see momentum push higher but kind of plateau a bit and then after we saw the plateau we saw the swing to negative momentum and now and now we can see a lot of what an aggressive sell-off here in the ozzy yen and now that that's that's mirrored by a large increase in the negative momentum if the momentum was going to taper off a bit we could see a resumption of the wider trend but it's but at the same time it at the the recent seller really can't be ignored i would be a bit looking at this if it continues to hold above the 50-day moving average at this in this in this price year in around 86 86 20 we can then become more confident in it and move higher in resumption of the kind of wider positive trend that we've seen uh well going back quite some time uh from around from kind of september october last year we did manage to create new highs for 2017 which is something which is something to take to take note of but we seem to be at a level here whereby it's the market seems does seem a bit uncertain um we could potentially if what we could see here is a scenario whereby some traders might kind of sit in the sideline and just wait until we actually get a move in either direction whether we be be break back below the 50-day moving average we could be cooler for a testing of the 200-day moving average which comes to play at 85 or 1 but then again if we take up say 87 and we're considerably above the 50-day moving average we could then be more confident that this is that this move here was just a sell-off in the kind of wider trends we've seen for the last seven or eight months and then beyond that we've been looking towards 88 and 89 and then on towards 90 because we already created a fresh 2017 high only last month so if the trend is in place it'll it'll up push trends in place traders of course will then look at towards the create new high to 2017 which would point this in the 90 direction surely on the other hand move south the 50 moving average will then look back towards the 200-day moving average and we haven't really spent a whole lot of time south of the 200-day moving average and then I guess we'll be looking towards support in around the kind of 84 region and then 83 region south of the 200-day moving average I was told the sound isn't very clear any as anybody else experienced poor sound I'll turn our attention now to the Aussie versus the US dollar this now will be the sound all good excellent this now will be the the last market that we're taking a look at because you're gonna a few minutes over time just about seven minutes over time not too dissimilar to what we what we've witnessed on the Australian dollar versus Japanese yen the Aussie versus the US dollar has been pushing pushing in a broad upper trend basically throughout 2017 although we have seen an aggressive sell-off in the last number of weeks not as aggressive as you witness against the Japanese yen but aggressive nonetheless as you can see here the market was pushing higher all the same time momentum was edging lower and then of course what do we see we saw the price actually fall back a few hundred pips so what I was talking to you earlier earlier was the indicator so I like to look about look at is momentum and the price if the price is moving higher momentum is moving higher great if the price is moving lower and then it is moving lower then great when the two diverge that's when you're going to be a bit cautious the price that they want to follow but just be aware if the momentum is moving the opposite direction the move we're seeing in the market may not last this the classic example what we're seeing here while we hold above this level here at 78 34 the outlook for the for the Australian dollar is going it's not going to be positive and we've been looking back towards 80 and then we look back up towards the July high of 80 65 if you break below this this level here the August low of 78 34 we're then looking back towards 77 86 and then after that again you know we could see some buying in this this area here which coincides with the 50 moving average of 77 41 right we'll just end this before we can end the webinar now and I just wanted to remind you as always um set my colleagues here at CMC markets we also update I've already showed you the uh or I shall we showed you the week ahead article that's where all our news articles go some of our articles also get posted on insight which I've opened here in my platform where to find insight market pulse third second option down you can get insight uh some of the articles we've uploaded uh only go on inside other ones only get posted on the news site uh some of the posted on both in relation to what we're in relation to more kind of a short and snappy version um looking at what we think of certain charts we get chart form which I've opened here on the right uh and it is the third option down so it's a quick a quick chart and a couple a couple hundred characters or 250 characters discussing what we think that the price action could do so I'll keep keep an eye on that as well um obviously you found this webinar so feel free to tune into other webinars uh this week we on Wednesday Wednesday night uh half seven p.m uh for the summertime 1930 we have the next generation foreign exchange webinar looking beyond that uh as you do every Monday we love i'll be back on uh next next Monday for the webinar then and then of course at the other webinar on the 23rd of August at 1930 for the summertime and that is covering the global market report so feel free to sign up for other webinars as well uh I'd like to thank you for my time i've been Dave Madden from CMC Markets uh have a good week and good luck