 Hi, good morning, and welcome to today's products and focus. I always start off with the US 30 Let's talk about the dollar-ribble, which seems to be overall the news today After the Bank of Russia Unexpectedly raised rates to 17% so it's a six and a half percent jump overnight now What's really really interesting about this? We had 10% increase yesterday and obviously this is due to the the slide and the oil prices really hurting the Ribble also capital fly out of the country And Brent crude is actually broke below $60 for the first time West Texas is at $54 this morning, and we actually had a complete reversal on on dollar-ribble Gapping much lower I'm moving all the way down to just below 60 Now this pretty much took out the entire 10% gain from yesterday, but it's been pushed right back up So this looks to be quite an aggressive trading action right here I'm one that's really gonna be I'm sure surprising the Russian because to have such a staunch seller from the back of a 70 you know 70% interest rate It's incredible to get to do this overnight I feel sorry for anybody who's just about to get their mortgage restored or borrow money in Russia right now But shortly thought is that people wouldn't want to send more money out the country for getting 17% interest rates But anyway look at this we're almost getting pushed back into it's obviously not positive territory because it's got lower this morning, but It's a it's a huge turnaround and it's something that must be really concerning to the Russians So there might be a lot of political reasons for this where this is happening and Obviously the rising interest rates was to stop exactly this from happening But you know when the shark smell of blood in the water I wouldn't be surprised with the center pushing all the way back up to here By the end today, but it's costing somebody a lot of money to do this So we'll have to wait and see what happens. That's dollar-ribble big story today then obviously looking at The at the day horrible horrible candle yesterday off the session lows cap that 55 pure death in me We've managed to muster a really small gain this morning, but it doesn't look good I'm looking at the Germany there in the UK 100 and Japan 25 and they're all struggling this morning We're a good bit away from potential resistance at 17361 But we are a long way away from any potential support levels So if there is continued pressure on the equity markets They have a long way to go before they reach anything remotely looking like support So getting on to The UK 100 the UK 100 had an absolute horror time yesterday. We actually reached all the way down This level here was 61 26 Which is probably about a 9% drop from just the 8th of December So an incredible sell-off right there again off the session lows a small increase this morning looking very shaky 60 73 is the next potential support level quickly followed by the next potential support level Which is round about 6,000 and 15 and that is the low of June 2013 and I wouldn't you know if you go a little bit lower than that You are a long way from home So you can see the next potential support level as all the way down at 58 72 should the sell-off continue and with crude oil still Moving further south UK oil companies are still an energy and resource companies are still going to be under continued pressure So let's see how that how that moves on today Japan 225 another negative day 16392 But there's been a lot of yen buying as well So you compounded the fact Japan the equity selves happening people buying the yen As a safe haven not so much gold incidentally, but certainly dollar yen has reversed course Let's have a look at that dollar yen Again bouncing off potential support 118 the break below that and we're trading below that 21 period SMA opens up 114 74 and we have dipped below that this morning. We've just managed to get our head right back above that level just now But the trend certainly looks negative. So it wouldn't be that surprised me if that support level is under pressure later on this morning So West Texas crude you can see we're firmly at 54 85 this morning The next potential support levels all the way down at $35 the Saudis came out there yesterday or on Sunday evening saying that they're willing to support On the one support, but they were happy to see the price of West but West Texas go from 60 to 50 to 40 if need be And that's obviously added a lot of pressure on to on to what Texas crude Brent is below $60 for the first time in a long time We've not yet broken 54 85 But should be breaking close below that And you have to go into a weekly chart to actually see this in a bit more detail Let me just try and zoom out of there a lot before you can just see the massive gap We have between 54 and 35 and that would bring us right back down to the depth of the credit crunch But then you can see how aggressive that sell-off was Back in the day seems to be even more aggressive at the moment. So if we do break below that I think that is going to be a cause of concern for people who are long crude oil So moving on to gold gold is surprising By not having any formal rally when the yen has been well well bed and see your yen as well as the same But nobody seems to want to touch gold right now Even when the dollar is not doing a huge amount and people are trying to protect themselves But then you do have the FOMC session due tomorrow at 7 p.m. UK time Which could give some further clarity to What's going to be happening in America with interest rates? But way things are right now. I've seen a little bit early to be talking about interest rates Anytime at the start of next year, but gold is selling off very strangely But looking at a 1186 the next potential support level and the chart does not look that attractive So moving on to your dollar your dollars not really been doing too much yesterday same cable today Still in the middle two ranges potential resistance one spot 25 79 and potential sport one spot 23 67 Not a huge amount of economic data. You obviously China disappointed again only just though contracting with their PMI figures Today we do have a lot of data for the UK. We've got CPI and PPI We've got the ZDW business report, which is probably not gonna be that great instantly, but you never know Moving on to GBP USD it did come up a bit more strongly yesterday actually And we are looking at one spot 55 90 or one spot 56 the next potential support Retrain below both moving averages technical indicators are neutral Indicating there could be further to go especially the CPI and PPI numbers disappoint But hopefully hopefully the UK is doing better than some other Countries out there and we also got the RPI as well So it's a huge Array of UK data at 930 and then the ZDW business report at 10 and that one usually is very significant And the forecast was 20 the previous was 11.5 I'll be massive as a prize if we if we get anywhere near 20 today Bearing in mind that we've had quite a lot of misses recently on a lot of the big macro data releases fast forwarding on to Wednesday We've got more UK data And then we've got CPI in the US and that obviously that's huge FOMC session at 7 p.m UK time tomorrow keep your eye on the chart form as ever making sites probably going forward and join me again tomorrow to find out