 Good afternoon and welcome to CMC Markets and this month's non-farm payrolls webinar. Thanks for joining me. My name is Michael Hueson and I will be taking you through the events of the next 30-35 minutes. Before I get started, let's quickly do a little bit of housekeeping, the obligatory disclaimer on the screen. I'll obviously be taking you through the numbers also showing you where I think the key levels chart points are, what have you. Trying to give you a steer on what the markets are likely to do next. Hopefully minimize your risk and identify potential key turning points in the markets. And ultimately try and make sense of the events of this week because it's certainly been a week where despite the outcome of the US election. And I think it's notable that the outcome that markets most feared a contested outcome has turned out to be precisely the outcome that we're faced with. And yet here we are four or five days later coming off the back of some pretty big declines in US markets. And we pretty much reversed all the declines that we saw of last week. And there's been any number of narratives this week as to why we've rebounded. Some of the narratives have been a little bit laughable. One of which has been that central banks are likely to step in with much more monetary policy activism and we've certainly seen that this week with the Bank of England. With another 150 billion pounds of quantitative easing and the Federal Reserve. Last night Jerome Powell saying that the Fed is likely to step up its easing program as we head into the end of the year and the beginning of next year but none of this is new. They would have done this irrespective of the outcome whether there was a contested outcome whether there was a straightforward outcome. Central banks have generally tended to work hand in glove with their various governments and less of course you're in Europe and then they tend to be the only game in town but that's a completely different story. With respect to this week's market rally, it's been certainly significant and it's certainly been led by the NASDAQ and we can see that. We can see that it's borne out by this really strong rebound in the last few days in the NASDAQ. But what we haven't done and what hasn't happened is we haven't seen it take out of the highs from early October and I think that for me is the key consideration. You can argue that an uncertain outcome or a contested outcome is probably not as bad an option as perhaps you think that it is. If you think that the lack of a blue wave is likely to mean that steps by the Democrats to rein in the tech giants with more business regulation and higher taxes are much less likely. Certainly that is a, you know, that's certainly a very meritable argument. The Democrats policy manifesto certainly had a higher tax and spend component. So the fact that they have missed out on gaining control of the Senate and that's not certain at the moment that's still up in the air. That certainly can be construed as a plus for businesses. But I think what's more important more than anything else is not as much about who becomes the next president as who becomes, you know, who gains control in the Senate. And at the moment, that's not immediately obvious. And I think if the Republicans do maintain control of the Senate, they will act as a break on some of the more how should we say controversial plans that the Democrats might have had with respect to. With respect to their plans for the US economy. So I think from that point of view, the fact that they're going to be very limited in terms of reversing tax cuts and in and increasing the burden of regulation on the tech giants. That obviously can be considered a plus there is another theory that in the absence of an imminent fiscal plan. Due to the political deadlock an easy win for a President Biden would be if he were to remove all tariffs that President Trump implemented on China Chinese and European Union goods and services. Now that could act as a significant boost to the US economy, and maybe the market surprising in the prospect of that. That would certainly account I think for a little bit of some of the weakness that we've seen in the US dollar. So the effect on the dollar with respect to the potential for deadlock is likely to be negative and we've seen that it's been an awful week for the dollar. There will be no fiscal stimulus between now and potentially the end of Q one next year, because ultimately to get some fiscal stimulus, you will need a consensus you will need a consensus on Capitol Hill. But you will also find that if President Biden, if he is elected is able to implement it he won't be able to implement it before the 20th of January next year. Or when the new president gets sworn in. So you can kiss goodbye to your plans about fiscal stimulus in the short and medium term. That doesn't necessarily mean that a President Biden wouldn't drop all those tariffs that President Trump has imposed on China and the European Union and equity markets will look to potentially factor that in. I mean to law by executive order to President Trump so it's equally conceivable that President Biden can sign him out of law by executive order. So, I think that for me helps explain why equity markets have rebounded putting aside President Trump's irrational outpourings about cheating in the, you know, cheating in the vote and what have you. And the fact that they might have swung the vote one way or the other putting aside those concerns. I think the likelihood is that if you have gridlock on Capitol Hill, politicians won't have the ability to do any harm. At the end of the day they won't have any ability to do anything particularly positive either, but generally they tend to have the capacity to do more harm than good potential gridlock generally doesn't stop equity markets from moving higher. That being said, a lack of fiscal stimulus is likely to mean that the upside for equity markets is likely to be difficult to attain in the short term. We've seen a decent rebound we had a poor October for equity markets and if we can see the moves down here in the NASDAQ from mid October, we've pretty much declined into the presidential election and we did something similar in 2016. So 2016 the S&P declined for eight days in a row, and then on the week of the vote it started to rebound exactly the same thing has happened this time. Now obviously in the aftermath of the presidential vote in 2016, we got a big, big rally in US equity markets on the basis that Trump was going to implement a huge number of tax cuts and what have you. And as a result, we saw a big rise in equity markets. That scenario this time around is probably much less likely shall we say so for me there is still significant barriers to overcome to take out the previous highs of the NASDAQ. If we look at the S&P, it's a similar sort of story. Again, what we've done here we have drawn in this trend line here. We struggled to take out this trend line here we poked our head above it a little bit, but we haven't been able to garner the momentum to push us higher. So what does that mean for payrolls? Well, what's the vote this week doesn't change and won't change is the fact that the US labor market is continuing to improve, albeit at a much slower pace than with which it declined because if you look at the February and March payrolls reports combined, we saw 21 million Americans lose their jobs. In the month since then, we've only seen around 10 or 11 Americans get those jobs back. So we still remain some way below the employment levels that we were at the beginning of the year. And I think that for me is the most important thing to take away from this. We've also seen a big decline in the US dollar this week. So as we head into the weekend, we could well see the upside for equity markets constrained somewhat by the fact that we are heading into the weekend. We still got Pennsylvania, Georgia, Nevada, and Arizona to basically report their latest results. And you've obviously got the political concerns of how President Trump is likely to behave in the weeks and months he has left of his presidency because I think the way things are going at the moment, he's going to have to be dragged kicking and screaming out of the White House and that's probably not going to play particularly well on the global stage. I mean the fact that it's not playing well already isn't exactly a positive for the US Constitution or the US in general. That being said, equity markets generally don't tend to mirror the political situation at any given time. You've only got to look at the situation here in the United Kingdom over the course of the past four or five years and the fact that politicians in Westminster have been squabbling like rats in a sack since 2016 between remainers and Brexiteers and yet that hasn't stopped the UK economy. I didn't stop the UK economy from performing fairly well up until including the pandemic. The pandemic thrown a really massive wrench into the global economy and it's not just the UK economy. It's the European economy. It's the global economy in general, but I think one thing these payroll numbers will tell us is that the US economy has proven to be an awful lot more resilient than was thought to have been the case in the middle of the summer and the expiry of that $600 a week unemployment payment that was paid to every US employee. The fact that that's expired and the US economy has continued to add more jobs and consumer spending has continued to look resilient and retail sales have managed to reverse all the losses that we saw in March and April. This is a fairly positive outcome but it doesn't hide the problems facing the US economy and those of you who read my morning report will know that even if we are to see the unemployment rate fall back. If we go to the market calendar, you can see that it here. Even if we are to see the unemployment rate fall back to 7.7%. That probably doesn't reflect a true representation of the US economy. Let's not forget the unemployment rate at the beginning of this year was around about 3.33.4%. So it's still a doubling of the unemployment rate. Furthermore, the fall on the unemployment rate may be being understated by the headline number. Because if you actually look at the participation rate, the labor participation rate, which unfortunately we don't have on our calendar. That has fallen by 2 percentage points from 63.4% at the beginning of the year to 61.4%. Which means that an additional 2% of US workers has just simply dropped out of the unemployment numbers and aren't looking for work. So the actual real unemployment number is likely to be closer to 10% than it is to 7.5% or 7%. And that's something that Jerome Powell, the chairman of the Federal Reserve, pointed out. Not in the meeting last night, but in his previous meeting back in the end of October, beginning of November. So essentially, what these payrolls are going to be telling us is nothing that we don't already know that's not already priced in. But what it may do is give us some short-term trading opportunities. So we've also got the Canadian payrolls data as well. So that's probably going to be important in the context of the CAD. Now, obviously, while I'm prepping and previewing all of these numbers, please feel free to fire questions my way. I'll try and answer them as fully and comprehensively as I can. If you want me to look at a particular market, I'm more than happy to do that as well. You know, at the end of the day, this is what these webinars are all about for you to bounce ideas off me, pick my brains and what have you. Obviously, what I can't tell you to do is where to buy and where to sell. That just wouldn't do. And I'd probably get into an awful lot of trouble for it, particularly if the trade went a little bit wrong. But let's look at what we're expecting in terms of the numbers. So the non-farm payrolls numbers is anything in around 600,000. It's down from 661,000 on the previous month. If we actually look at the event information here, we can see that there. Look at the drop-down menu and you can actually see what the previous numbers are. And as you can see, this big down move here indicates the big, big drop that we saw in April. So that's a very, very significant drop. And as you can see here, we've seen some beats and some come in short. The white line there is the expectation. Obviously, the blue bit above there is we slightly beat expectations. And look at it as a line like that. Or we can look at it as a bar like that. It's usually quite useful looking at the economic calendar in the context of what the historical data looks like. Similar sort of thing with respect to the unemployment rate as well. So we just go to there, select that, event information gives you the event information there. So obviously, there was a big jump up there. The expectation was for a big, big jump there. We actually came in well short of that. So we're expecting a fall from 7.9 to around about 7.7 or 7.6. Bloomberg have got 7.6, Reuters have got 7.7. Nonetheless, I think the most important number is probably the under-employment number, which is around about 12.8%. And I will be keeping an eye out for that on my Bloomberg terminal. So in the context of where we are at the moment, that's the economic calendar. It's quite useful in terms of looking for information about an economic data point. Let's have a quick look at the Canadian payroll numbers. And again here, looking for a modest increase of around about 378,000 on the net employment change there. Actually, that's the last one. We're looking for an increase of 100,000. So that's my mistake. They're looking for 100,000 on the Canadian dollar. Let's quickly breeze through some of the key levels on the various indices. FTSE 100, we're still... Those of you who tune into my regular weekly updates will know that I've been tracking this for a while. We've been in this downward channel for quite some time. We came back and tested the bottom of it. We could well conceivably move back to the top. At the moment, we've got a little bit of a tweezer top around about 59.30, 59.40. I think it's unlikely we'll break above that today, irrespective of what the payroll numbers are. If we look at the S&P 500, I'll be surprised if we break above the highs that we saw yesterday. In terms of the Dow, similar sort of story, we can draw a little line through here. And as I've often said, the averages need to confirm each other. So we'll just remove that. We still remain well short of resistance there. I'm being asked about quickly Euro dollar. And very quickly gold, I think, is probably going to go to around about 1973. While above 1930, quickly looking at Euro dollar. We've broken above Euro dollar here. And this suggests to me that we could well head back towards these peaks around about here. But this is a key thing for me. When we're looking at the dollar index, if we look at the dollar index on the CMC dollar index, we've broken to the downside. Now, that suggests to me that we could well see further weakness going forward. But before I do that, let's look at the numbers. Well, that's a big fall on the unemployment rate, 6.9%. Average earnings 4.5, 6.38 on the actual numbers. I'm going to quickly look at the participation rate because that could indicate why we've seen such a big fall in the unemployment rate. So the reaction will be on that probably a big, big bid on the US dollar as a result of a fall in the unemployment rate. And we actually haven't seen that. We've seen a big fall in the unemployment rate. But payrolls have come in slightly better than expected, but not massively so. We're looking at 638,000 and upward revision of 672. Canadian payrolls slightly below expectations. As we can see from there. So it's probably a little bit of a dollar positive, but overall, I don't think it's really going to shift the dial going forward with respect to the overall direction of the dollar that we've seen this week. We'll probably see an upward move in equity markets on the back of that as they try and retest the highs of this week. But overall, I'm not really expecting these numbers to move the dial that much. If we look, for example, at a cable, we still remain very much in an uptrend there. So any dollar strength there is likely to be mitigated. In terms of Euro dollar, we'll go back to that very, very quickly. We probably won't see much of a dip there either. We can see that here. That's about 33,000 on the Canadian numbers. Those numbers keep coming up. So we're finding a little bit of a, we're finding a little bit of resistance up around 119. I would expect that to continue to be the case. What is significant, and I'm sorry I didn't get to show you this before we start it before before the numbers came out. I was talking about the dollar and the overall direction of it. And I'll have a look at Euro sterling in a minute. I'll just quickly write that down so that I don't forget. We also got looking at volatility in S&P. Yes, I think we will continue to get volatility in S&P Malcolm. So I think it's important that you look at playing playing the fringes of the ranges rather than trying to whip in and out on on various sharp moves one way or the other. We are it's still important to remember despite all the volatility that we're seeing is that we're still in a broad range and we have been in a broad range for the past few months. I don't expect that to change in terms of dollar. And I think this is important because what we've seen here is a sharp move lower in the CMC dollar index, something that we haven't seen replicated in the US dollar index or the DXY. Now the reason for that is because in our dollar index, we have a very high Chinese one component and the Chinese one has been has been gaining quite a lot. Now this move in the one suggests we could well see a lot more dollar weakness in emerging market currencies over the course of the next few weeks. This is something that I've talked about a little bit in my week ahead video, which will get released around about 4pm later today. But if we take this double top here, project it lower, I think we're going to see further one gains towards around about six and a half. So further dollar weakness towards 6.5, which would basically be a complete projection of this down move breakout here. We've already see that each rebound in the dollar has found significant selling interest by these upper candles here. So, for me, if we get a pullback to around about 662, 663 and we have to be careful with the one because it's a it's a centrally managed currency. So the overall direction of travel more than anything else that's likely to give us clues as to where it goes next is that over the course of the next couple of three to four weeks. This is a weekly chart I'm looking at. So you have to put this in the context. This is a weekly chart over the next few weeks we could well see further dollar weakness against the one to around about six and a half. And if we look at where it's come from over the course of the past few years, there's still room for it to come quite a bit lower. So the dollar against the one. So that for me suggests over the course of the next few weeks, we're probably going to be susceptible to further dollar weakness going forward, which means Euro dollar is likely to head back towards 119, 120. And that's then going to prompt a little bit of jaw boning from the ECB uncomfortable with the Euro dollar anywhere near that 120 level. It's also going to mean that Euro sterling is likely to head back towards the upside. But we do need to be careful with Euro sterling because obviously we've got EU UK trade talks. Now, if we look at this Euro sterling chart, we can see from here that there is a trend line coming in right around 50 and 100 day moving average. And as well as these levels around about here, which is around about 1980, 90, 120. That's significant amounts of selling interest anywhere near 91, 92. If we do break above here, then obviously it reopens the upside back towards 92 and 93. But at the moment, the clear direction of travel for Euro sterling is very much sell the rally. And that's the way that I would be playing it until such times as we're able to get back above and hold above 91. Basically, you trade what you see. What I'm seeing at the moment is lower highs and lower lows. So until such times as that situation changes, that's your strategy. Irrespective of the politics involved, it's very easy to say sell sterling because of Brexit risk and what have you. But that's what makes it such a challenging currency to trade. And when I used to trade cable all the way back in the day 30 years ago, it was called a widowmaker of a currency because ultimately you had the capacity to wipe you out basically. Hence phrase widowmaker. So you have to have very clear ideas clear very clear risk management strategy when you come to trade sterling. It's not contrary to popular belief and emerging market currency, as some American banks would have you think it is still a very liquid currency. And if you look at the way the cable rate has traded from the lows in May, we still remain very much in an uptrend. But we do need to take out 132 because ultimately there is there does appear to be a significant amount of resistance anywhere near 131 80132. That for me means that very much trade the range but if we come back down to around 128 and a half 129, you've really got to think about buying the dip on cable just based on these trend lines that I've drawn in here. And that's all we're doing we're just drawing in plain simple trend lines trading is made out to be very, very complicated. It's not if you assign yourself rules and rules are very, very important when you look at trying to trade markets. You know, no one trade will always go your way. No one trade. In fact, if you make money on 50% of your trades, you're doing well. The trick is to keep your losses small, but run your profits. And that's I think that's a skill, even of itself. Everyone always likes to run their trades hoping for that extra 10 pips that extra 20 pips so on and so forth. But don't get greedy. You don't people never people always run their losses. They never run their profits. And really you need to learn to run your profits. But also remember to take them. And I think that's the key component when you put a trade on have a clear idea not only of where your stock losses where you take profit is as well because that is equally as important. Anyway, so let's quickly look at Norwegian Kroner because I've been asked about that. Let's look at Euro Noki, which is an absolute delight. But again, that's quite certainly quite interesting. But again, very much a range trade here. So certainly in terms of Euro Noki, decent support in and around 10.8. But again, stuck 1120. If we want to look at dollar Noki, which I'm guessing you do. Is it Euro Noki or do you want me to do dollar Noki? While I'm waiting for an answer for that. You can. I'll go on an answer. Cathol's question about gold and silver. So gold, again, we broken higher on gold price we broken above 1935 1940 week a dollar or play into the positive narrative there. We broken above this series of highs through here, which is around about 1925 1930. So that suggests to me that we're probably going to see a move up to around about these sorts of peaks in 1975, even a move back to $2,000 an ounce still remain very much a case by the dipping gold wire above this 50 day moving average here, which acted as has acted as support and resistance in equal measure over the course of the past few months. Okay, so just quickly scrolling down to see what other questions I need to look at. Can I look at the Nikkei 225 yes I can quickly look at silver first though, because I did get asked about that. And again we've seen a similar sort of breakup above but the thing with thing with silver here is that there's something that's immediately drawn my eye without even looking at any lines at all. If I look here, because I'll add this. We have got big big barrier at 26. So that suggests to me that we could find a little bit of selling interest anywhere near around this series of lows through here, and this level through here. So, in the short term, I'd say silver is probably going to find it difficult to crack through $26. Furthermore, if we draw a trend line through here that also coincides with that there so bit of a barrier coming in in terms of silver on the upside through around about $26 an ounce. The South African Rand will be showing a bit of strength and the reason for that is obviously a strong gold price, strong commodities price, it is perceived largely as a commodities currency so the gold price does well. Generally the South African Rand will generally do well so from that from that point of view. I would say that's not unexpected but if you do see a little bit of weakness in the in the gold or silver prices. Then obviously that will be reflected in in a slightly weaker round but at the moment emerging market currencies are looking fairly solid against the dollar. On the basis that I outlined before with respect to the Chinese currency. We've seen a breakdown in the Chinese currency. If the one continues to gain, then that's likely to have a positive effect on other emerging market currencies as well. Okay, so no worries at all. So on the golden silver, South African Rand. Let's have a quick look at that now. There we go. And it's interesting to see that the South African Rand looks fairly similar in terms of the breakout that we saw on our own dollar index in that it's broken to the downside. We can see that there. Broken below 1607. And as such, we could see further gains in the round further losses in the dollar while we're below this level here, which I've outlined. Which I've outlined with with this horizontal support and resistance line here. So dollar weakness tends to is the prevailing trend here. And at the moment, until such times that we get evidence that that that that trend is likely to reverse. It's likely to be a trend that's likely to continue to play out over the course of the rest of the rest of this year, I would suggest, particularly if if the US election does go to the courts, which is looking increasingly likely. And President Trump continues to basically throw his toys out of his pram. Nikkei 225. You wanted to ask me about Nikkei 225. That's hit its highest levels this year, earlier today. And that would suggest to me that there's potential for that to go quite a bit higher. It's completely broken away from the likes of the Dax and pretty much everything else. We can see that actually on this monthly chart this weekly chart here. Let's have a look at the big barrier on that because I'm going to surmise that if we break this out, we can see that there's a big, big barrier coming into play on the decks in and around where we are right now. So the highs that we saw in 2018, October 24,474, currently 100, 100 points below that. So we are in some fairly key territory with a Nikkei 225. So I'll be keeping a close eye on that but I would be wary about getting aggressively long on that particularly given the fact that we are where we currently are because generally I tend to look at the Nikkei 225. The Nikkei 225, the S&P and the Dax in the realm in terms of thinking about Dow theory. And it makes little sense to me for the Nikkei to be going higher if the yen is strengthening. And looking at Dole yen as has been the case over the course of the past few days. We've been looking towards the downside on Dole yen and a stronger yen generally isn't good for Japanese stocks. Strong currencies generally aren't particularly good for exporting current exporting countries. The fact that we're continuing to trend lower on Dole yen makes me cautious that if we head towards 100, which of the moment looks as if could happen if the dollar continues to weaken that could act as a break on Dole yen on the Nikkei 225. So you really do need to bear that in mind when you're looking at the Nikkei. This is a risk that a stronger yen will limit the upside on that particularly at a time when you say, for example, look at the Dax, which, while it has recovered back above the 200 day moving average, still remains very much in the range that it's been in since May, June. What was interesting now about the Dax was that we broke below the 200 day moving average. And at the end of October I suggested it might find support around about 11,360 if you look at the chart forum on the spread that platform. I said that there's potential for retest of the 11,360 area, which also happened to be these peaks here in April. This is another example of resistance reversing its role, reversing its role in becoming a support. It was also a Fibonacci retracement level of the entire up move from the lows in February, March to the highs that we saw in September. So there was a double reason to buy the Dax on the 11,360. So now, any dips are likely to find support in and around this 12,100 area through here and the 200 day moving average. But in the short term, we're finding a little bit of resistance. If I point the cursor at this, you can see the high around about the 12,600 level. So with respect to the NASDAQ 100, the NASDAQ 100 is running into a little bit of a barrier in and around these highs through here. And it's interesting when you look at it in terms of a mirror on the S&P, we're seeing a similar salt pattern play out. So we could revisit the highs on the NASDAQ, but I'm not immediately convinced that we have the momentum to do it. So with respect to the NASDAQ 100, I think if we're to see further gains on that, we really need to see much more evidence of a fiscal boost as opposed to just the Fed being continuing to be permanently accommodated going forward. So the big barrier for me on the NASDAQ is let's try and draw this line in through here. So we're pretty much on the cusp of that line there, which also coincides with that line there. So we've got two US indices which are approaching some key resistance levels on both the S&P and the NASDAQ. So I would be very cautious about being aggressively long heading into the weekend, given the rally that we've seen thus far. And obviously the geopolitics that play and the fact that the presidency is still as yet undecided, shall we say. So hopefully that answers your question. Looking at natural gas. Yes, I was going to talk about Euronarchy and Dolanarchy. Yep, absolutely. I'm being asked about natural gas. Let me see if I can find that. Yep, that's down there. Quickly pull that up. Let's just quickly make the, let's make the text a little bit bigger so you guys can see it because it doesn't look particularly clear. So let's just make the font slightly bigger. Here we go. That's looking a little bit toppy. Let's have a look at that. We've got a bearish engulfing day on the daily there. If we look at the weekly chart. Similarly here. So looking overall. If we draw in a nice little trend line through here. We need to look at these previous peaks through here. We could we'll see a retest of 260. If we break below 260, then we could we'll see a move back towards this trend line through here, but there are beginnings in natural gas. There are the beginnings of a little bit of a reversal on a break below 260 on the on the downside. So natural gas looks as if it is topped out in the short term. We could rebound off this rally back to around about 270 280. But overall the pricing pattern suggests that there's potential for a little bit of a reversal going forward. But we need to be a little bit careful about that. Hopefully that answers your question on natural gas. You're a knocky. And dollar knocking. Okay, let's have a quick look at dollar knocking. Yeah, so basically with your own knocky, we're pretty much in a range on that you've got fairly decent support in and around 1080. So 1080 1120 pretty much covers it. If I if I then change that to usd and okay. Like so, fairly easy thing to do looks a little bit toppy on the 200 day moving average on dollar knocking. But again, it's similar, it's fairly similar. It's a fairly similar thing to euro dollar. You've got fairly decent support in and around these lows in October. So if you get a significant push through there, let me just draw the line in for you. So you got decent decent support in and around 915 916. And we just turn those active pointers off because it's starting to get a little bit irritating. So if you get a significant break below 916 or this area through here, then you could we'll see a break back lower. And I suppose a lot an awful lot of that will will depend on the weakness of the dollar or thereof. And of course, what the oil price is doing, the oil price looks a little bit choppy shall we say yes it's still trading near $40 a barrel. But if it if it starts to fall back quite significantly then that could that could weaken the Norwegian Krona. But overall we're pretty much in a range trade on dollar knocking in euro knocking so hopefully that answers your question on that copper. Let's have a look at copper because we've got Chinese trade numbers this weekend. And certainly what we've seen in copper over the course of the past few days suggest to me that demand out of China has started to pick up quite significantly, certainly in the context of its import data which saw a big rebound in in September and could we'll see a continuation in October. I don't think we're going to see as big a rebound in October as we did in September. But certainly there are there is evidence that the Chinese economy is starting to pick itself up off the floor after the after the flatlining that we've seen in the in the summer months. Certainly we're in an uptrend for copper. So we remain very much a case of by the dip. But there is also an element of a weaker dollar in that trade as well in the same way that we've got stronger gold price stronger silver price. We've seen stronger precious metals prices. I think a function of some of the gains in raw materials has been a weaker dollar which has helped to drive that as well. So we do need to take into account the strength of the dollar but there's good resistance at 320 in copper. So there's certainly potential for us to move higher there. But we've still got this series of highs all the way back here in 2018 that can contend with as well. It does seem rather counter intuitive for copper to be strong at a time when the global economy is still battling the covid crisis and I think that's probably about the first time I've mentioned it in this webinar. And the UK economy is going to be pretty much closed for the next month or so. As is Germany, as is France, and there's a big risk and this is something that we really haven't talked about is the US cases of covid gone over 100,000 a day. So there is a possibility we could get shut downs in the US economy as well at the moment equity markets look fairly strong. That's all to be expected with those numbers that we've seen. But overall I would still expect the footsie to be top at around about 5940. And for US markets to find it difficult to edge back above the highs that we've seen thus far ahead of the weekend. So hopefully I've pretty much covered everything that I needed to cover. I'm hoping that I haven't forgotten any of your questions, ladies and gentlemen, please feel free to let me know if I've forgotten you, I'm just scrolling them down now, just to make sure that I haven't missed any. I don't think that I have. But I'm hoping that you found this webinar instructive. And in the absence of any further questions. I'm hoping that, you know, this, this, this will do and you will have a very nice weekend and hope you get some rest because I don't know about you but I'm looking forward to the weekend it's been a long week with all the macro that's been going on. But if that's it for the time being. I think we can pretty much wrap up this webinar for November. Please feel free to send some feedback about the webinar hopefully you found it, found it useful. I've got any feedback in terms of the content I'd love to hear it, because ultimately the purpose of these webinars is for your, is for your, you know, it's for your education more than anything else. I'm hoping that I'm able to give you some form of insights into the way the markets react the way that they do. But ultimately, it's all about looking for levels, making trading decisions based on those levels. Now for my weekly video that should be published on the YouTube channel at the end of today. I pretty much going to be pretty much covered there what I've covered here. But that goes out every, every week on a Friday at around about 4pm, where I preview the week ahead and we've got a whole host of stuff coming up next week. UK third quarter GDP UK unemployment German ZEW. We've got China trade at the weekend. We've got earnings from the likes of person and JD with a spoon ITV, as well as room Cisco symptoms Palantir and Disney. So plenty to get our teeth into next week. Otherwise, I'd like to thank you all for listening. And have a nice weekend. And I'll speak to you all for next week's, not next month's non farm payrolls webinar. If not, tune into my weekly YouTube video, which can be found on youtube.com forward slash CMC markets PLC. Thanks very much. Have a great weekend, everybody.