 Hi everyone. So I just wanted to answer this question by Jeff who said that I've seen multiple sources state that the New Zealand dollar is no longer a buy due to them pausing future rate hikes. However, out of the currencies that we trade it is still a higher interest rate than the Swiss, the Euro, the Yen and the Australian dollar. Wouldn't the New Zealand dollar be a good buy against currencies with lower interest rates, even if the currencies with lower interest rates were hyperfetically still looking to hike such as the Swiss franc, the Euro, the Yen and the Australian dollar? For instance, if the Swiss franc hiked from 1.5, it would still be much lower than New Zealand's 4.25. I understand that China and resentiment would play a role in this, but it's just general, absolutely. So it's a very logical question and something that definitely makes a lot of sense, but there are things that we need to consider when it comes to interest rates and this is something what I would call more of a interest rate convergence idea. So ultimately, you know, if we saw for example a bank offering, you know, 4.25 percent, let's say a high street bank and compared to one that was offering, you know, 1.5 percent on your interest and depositing your money in their bank, you would always go for the higher one, right? But with currencies and forex, it's slightly different in terms of how we would trade and where we would, you know, place our money. And so let me explain, right? So we've got interest rate convergence and divergences and one of the things we need to obviously just keep in mind that rate hikes typically equal demand, right? Not all the time, it's not 100 percent of the time there are times, you know, where we get a dovish hike, for example. But if we look at it as a rule of thumb, that rate hikes typically will equal demand for that currency. So if that's the case, let's say we had a graph chart of interest rates, right? And for example, this was, you know, 4.25, I'll just say this is just a 4 percent. And this will save, for example, 1 percent. Yeah. On the graph. And this is interest rates. And the New Zealand dollar, yeah, is holding rates at a level of 4 percent. In fact, I'll just draw that as an arrow. Now, if the central bank, if another central bank, like the Swiss franc, are actually looking to hike rates slowly, yeah, and start to increase their rate hikes, if we consider that rate hikes typically mean there's more demand, yeah, then that has to be priced in to the value of that exchange rate. And so on the New Zealand dollar, Swiss, what you would actually see if we had another chart right here, in fact, let's draw it like this, another chart like this, because the New Zealand dollar is the base currency, and the Swiss franc is the quote currency, because demand is being created, although it's small demand, but it's an increase in demand, right? Because higher interest rates causes, you know, money to flow into that currency, even though it's below the 4 percent, but it will create demand because you're getting more of a return, obviously, for depositing and unholding that currency. What would happen on New Zealand, Swiss, would be actually something that looks like this, right, a downtrend, yeah, because of the demand for the quote currency, right, the second currency, if we're doing it like this, so New Zealand, Swiss, and if you're buying a New Zealand, then you would, and you think the New Zealand is going to go higher than the Swiss franc, then you would see prices do something like this, right, the opposite, but if you're buying the quote currency, expecting the quote currency to increase, then that's basically what we're looking at. Anyways, so that's really what's happening. So what's happening is, is more of a convergence between, you know, the higher interest rate and the 1 percent where that's going to 1.5 to 2 to 2.5 to 3 to 3.5 to 4, and also as well, it's about really the hiking cycle. And as we know, central banks typically don't, when they start to hike, they don't necessarily hike once, right, they hike in cycles and they can hike for, you know, for a year or two, depending on obviously inflation and what's happening in the economy. And so, although logically, yes, you would say, well, I still have my money in the 4 percent, the higher rate rather than the 1 percent, as this starts to go higher, yeah, demand starts to increase for the higher interest rate on the lower interest rate currency, and that increases the demand for that currency, which should reflect in a, in the market pricing in what the exchange rate for the New Zealand, Swiss Franc or, you know, any currency would be, yeah. And so, yeah, the market is always pricing in value, yeah. And so, yeah, that's really what we have to look towards in terms of, you know, staying ahead of the curve. And also, as well, the market is always forward-looking. And again, you always, you said that, for example, you know, nothing is necessarily just black and white in terms of interest rate, you know, convergences and divergences. You know, we also have to think about risk on and risk off, right, and the risk on environment, the New Zealand dollar would hands down win over the Swiss Franc. And in a risk off environment, the Swiss Franc would be the flat to safety and the, you know, the safe haven currency, and that would also strengthen the Swiss Franc over the New Zealand dollar. But ultimately, when it comes to interest rates, it's more about the cycle and where they are in the cycle than it is in comparison to the actual number and how high to how low the interest rate actually is. And so, yeah, that's pretty much the simple explanation, right? And it works the other way in terms of cutting rates, you know, cutting rates would be more supply. So if you had a central bank that had, for example, a lower interest rate, and in fact, let me just clear the screen. So let's do the opposite. So if you had, again, a central bank that had 1% and you had 4% up top and the bank with the 4%, actually the bank with the 1% was holding rates, but you had the bank with the 4% sorry, looking to cut rates. Yeah, you would actually still want to buy the currency that is that is stable. And it's because, in fact, the as they're cutting rates, the and going towards that 1%, again, this has to be revalued lower. The value of that currency is being revalued lower. And so that would cause, in fact, you to actually want to buy the 1% and actually start to short the 4% because the value of that 4% is no longer going to be present. Traders are going to look to probably just start to get out of that trade and this has to be revalued a lot lower. So yeah, it works slightly opposite to how we would expect it to, but that's basically, you know, the logic behind it. So I hope that clears this up. I did make, in fact, I did make a video on this and I've made several videos on this over the years, but I just couldn't find it in the in the trading videos channel. And I guess I've got to do the search terms a bit more specific when it comes to, because I've got, I think like thousands of videos in here, years worth of videos in here as well. So but yeah, so hopefully that helps if you do have any further questions and I'm just hoping I'm reading back and hopefully that I have answered this correctly and in terms of fully. And so yeah, I think I have. And so yeah, that's really the answer. So I hope that helps take care. And if you have any more questions, feel free to put it in the questions for group call channel.