 Hi, my name is Liam Rowe currency trader and trading coach at trading 180 comma. Welcome to this week's supply and demand for us in gold fundamental and technical analysis for the week ahead starting 11th of September. So let's get into the The week ahead and it'll be a busy week in the United States with inflation rate and retail sales data taken center stage followed by the University of Michigan consumer confidence index and industrial production figures and export and import prices, but I Think what's going to be really focused on is is the inflation data and we'll get into that in Later on in the video investors will also be eagerly awaiting the European Central Bank's interest rate decision and the ZEW economic sentiment index for Germany and again, I think the biggest Event this week for Europe is is going to be the interest rate decision the focus says In in the United Kingdom the focus will be on unemployment rate earnings and July's GDP growth figures industrial production and foreign trade data and in China key indicators to watch include August industrial production retail sales unemployment rates and Australia will release the NAB business confidence index and lots going on this week in the world of data releases and fundamentals and also as well If you are a member of the private mentoring group, then if you go to the trading videos channel You'll be able to get some more in-depth fundamentals beyond what is shown in this video and This week we have as well as the technical analysis video as well, which goes over all the pairs that I'm looking at trading and This week we have I think from from the 5th of September 5th One two three four five six seven eight nine videos for you to watch all you know useful videos from trade setups to our group a live group called on Wednesday the recording and Some setups and stop hunts etc. So Just in case you haven't watched that and you're watching this video definitely head over to the trading videos channel and if you are interested in joining the the private mentoring group I open in the first week of October haven't decided on a specific date yet But a specific date yet, but when I do I'll let you know in this in these weekly videos or if you're in the email list I'll email you so Getting into the technicals and fundamentals. So dollar index the Fed are on hold in September But will they hike in November? This is data dependent higher for longer rates So what you'll what you've seen since pretty much mid July is the dollar really kind of gold when it's tear and one of the main reasons is because The data has been Defying I guess the market been getting, you know, really good economic news out of the US and Also inflation has remained slightly sticky. So Which means that it hasn't really gone down to the central banks 2% Target, which is a mandate. They have to try and get inflation down to 2% now Bond traders brace for risk Inflation, sorry. Yes bond traders risk for risk inflation will fuel rate high becks. Okay, it doesn't really make sense but yeah Well the way it's worded anyway, but it says roughly even odds put on another rate increase in November and consumer price index Release this week may set market expectations. So bond traders Highly sensitive to interest rates and the economy. They're seen as obviously some of the smartest traders You know in any asset class and so when bond traders are You know doing something it is highly correlated to forex because forex is also driven by Interest rates inflation and the economy, right? So they're highly Interlinked so bond traders have been ratcheting up bets that the Federal Reserve isn't done with its interest rate hikes Just yet next week will help determine if they're right So the monthly consumer pricing this report on Wednesday will provide the latest insight into how much further the central bank may Need to go to put Inflation back towards its target with the economy defying glimmy forecast and energy prices rising economists are forecasting The biggest monthly jump in 14 months and swaps Market is pricing in risk that will come in even higher than expected. So The the bond market is expecting higher inflation and on the back of better Economic data so that if that does come true then the dollar isn't likely to slow down any time soon and any any pullbacks in price are really just going to be Buying opportunities whether they pull back to that level there or this level here. I think the dollar is just You know continuing to be a buyer as long as the data supports that narrative That's the key thing is that the data has to support it, right? And so let's just adjust this supplies and to around here. So So, yeah, I think the path of these resistance is continued to be upside Of course, there is always a risk that inflation does come in lower than expected and if it does I think the dollar is going to drop a bit I think the highs are probably put in but I don't think the dollar is is an overall sell But I think there would be an opportunity to short the dollar if that inflation does come in lower than expected this week the dollar yen continues to grind higher regardless of What the Bank of Japan are doing and this week that what they What they was it this week or last week they Pretty much came in in fact. No matter fact. Let me go back to the dollar, right? So the dollar Got some more got some more analysis on the dollar just to kind of back up that that you know, the bond traders were saying What you'll see in here is the Fed watch tool CME Fed watch tool and what they also do is Show the probabilities being priced in and what you're seeing is is current hold is fifty three point one percent and the fact that There could be a forty three percent point six chance of a hike and we're in November by the way, so this is November November's pricing so November there really are pricing in the chance of a rate hike And you can see how it's been getting more and more so a month ago the chances of a hike was 27.8% a week ago is thirty three point five percent a day ago is forty three point six percent so The probability has been increasing of a rate hike in November, which is supporting the dollar Also as well dollar balls look forward to their favorite month of the year so Buyers for more dollar outperformance nab's control says and market positions for dollar games next month options show so It says here that the dollar balls have a history on their side Going into September as the currency has strengthened during that month for six years in a row Not only has the Bloomberg dollar index risen every September since 2017 But its average of 1.2% gain in that month also beats the performance of any other month over the same period strategists say reasons include quarter end buying and general increase in Haven demand ahead of October, which is notorious for stock market declines and so You've got statistics on your side, right? And you've got the fundamentals on your side dollar performance Well in September since 2017 It's outperformed pretty much every other month And so the month of September tends to be a good Tends to be good for the dollar and the usual explanation is that risk aversion tends to rear its ugly head And this is boosting demand with a higher yielding safe Haven King of G10 FX says Valentin Marinov head of Group of 10 foreign exchange research and strategy at credit agriculture. I'd be in London So you've also got that In the case for supporting the dollar and also as well HSBC released a report their global FX reportings for September and They have changed their outlook on buying the the dollar The currency outlook they say that they are changing their view on the broad US dollar So they now see it as strengthening through to end 2024 as tightening begins to buy a faltering global growth outlook should further benefit the counter cyclical dollar King dollar has already been making a comeback, but its rain can last longer now This is only one report from one bank, but From what I see it looks like there Are a lot of banks who are changing their tune and The data is supporting that narrative to buy the dollar and then they also have their old new forecasts Where they've forecasted the dollar index now The dollar overall to kind of at least Strengthen right so 104s 106 is 107s into Q4 and Q1 of 2024. So they're old Euro dollar forecast was for 113 115s Going into the end of the year now. It's like 107s 105 So I do think that the dollar is you know going to be the buy for the foreseeable future But the caveat to that you know is that the data needs to support that narrative as well as obviously other Currencies not doing so well either so overall dollar Is looking like a buy and you can see that now going back to the yen When it comes to the yen the yen on paper if you're looking at it from a central bank perspective and where they are Fundamentally from all from a monetary policy perspective You would think you know, this is playing out basically as planned the the issue with I guess the The dollar yen are falling to the downside and the yen increasing in in strength is more to do with the fact that the The bank will bank a Japan Ministry of Finance They would they're ramping up verbal defense as yen sets a fresh 10 month low So a weakening yen doesn't isn't isn't desirable for the for the Bank of Japan It can add to inflation So the yen pulled back for a 10 month flow against the dollar after Japan issued its strongest warning in weeks over sharp currency moves raising the odds of government intervention if the slump continues so Beyond the price chart. There is an invisible hand that is going to try to Push the yen down if it starts to devalue too much, especially against the dollar, right and so There's no technical analysis in the world. That's going to show you that on a price chart So, you know, this is the reason why we look at you know The fundamentals and really what is going on behind the scenes and why prices are going higher or lower. So you have that going on and And the last time the central bank intervened, right? in October you can see pretty much what happened it they started to intervene at the one five twos and You saw again the eventual, you know something like a two thousand pit move So if they intervene again, the the thinking is that you will see again another, you know Sharp move to the downside as they defend their their currency right from weakening too much against the the dollar Within this within this area and also as well basically the Ministry of Finance whenever they come out and then say certain things to defend that they're yen It's basically put on a scale of one to eight So one being pretty much nothing to really worry about they're just commenting but eight billion basically intervention is imminent right and so Every FT Bank have said that they think that intervention is imminent right based off of the comments that they made this week or last week and They say alert levels based on 2020 comments, you know ranked one to eight today signals a level eight so Intervention could happen at any moment within the next, you know, maybe week or two or three who knows But it's imminent imminent is like saying how long is a piece of string, but it's not too long now So if you start to see the yen Dollar yen continue to rise Just be wary if you are going long that you know that they can come out at any time and really, you know Basically, you know push try to push the market down. So let's see what happens What happens there with the with the dollar yen? dollar CAD Sorry, there's Swiss apologies Pretty much as I was saying I was wait really waiting for a pullback I really want to get low on this and waiting for a pullback But prices didn't pull back the dollars just continue to go to the upside. So We have created Bit more of a demand zone. It is a wide demand zone Unfortunately, but when you see a wide demand zone like this the best way to kind of trade that is to you know try to break it down into One of the things you can do is take down into levels of Support and resistance so within that demand zone because prices are going to make it higher highs higher lows, you know add for example One of the things you can do is add horizontal support and resistance So at this area here is where you're probably like likely to look for a buy trade It's still a bit pricey, but ultimately it's going to be with that level or that level For me as to why I would want to look for any kind of buy trades From a fundamental perspective, no reason to really buy the Swiss franc at the moment And let's we go into some sort of severe risk off But even then if I'm buying a Swiss franc it wouldn't be against the the US dollar dollar CAD dollar CAD Didn't have great news at the beginning of the week. I think their GDP came out was it last week the GDP came out as as Contracting but then they did actually get some decent news When it came on Friday and Canada jobs gains double Expectations and wages accelerate so unemployment rate stays at 5.5 percent breaking string of increases and gains that by professional technical services construction so Canada's labour market blew past Expectations and wages rose at a faster rate signaling there still some gas left in the jobs machine Even as the economy gears down so that was kind of supportive, which is what strengthened the Canadian dollar on Friday now I Don't think I'm necessarily an all out buyer of the Canadian dollar, but Against the US dollar. I think there's definitely room for you know some buyers somewhere around these areas here Probably the lower end is more preferred When it comes to a demand zone, of course, you can look for you know buy trades there If you feel that you still want to be a buyer of the dollar US dollar over the Canadian dollar, but I Think if we do pull back I think yeah, they think the one free force. I think it's going to be nice for all nice or cheaper for a buy New Zealand dollar US dollar and again saying that the path of these resistances to the downside and that hasn't changed Really just waiting for a for a decent pullback to get involved in this There's no reason to really buy the New Zealand dollar at the moment for me. Just looking really at pullbacks into That this level here Into the supply zone here and also as well. You've got the added Confluence of a horizontal level of Support pastor support and now Resistance so I think anywhere in this level is going to be quite nice and even a better bargain price is going to be a price It's pulled back to that 60 cent 60 point five area as well. So that for me, you know, Fred is still in Potential hike mode for November and the RBN Z Commodity currencies in this risk-off environment not really performing well pound dollar again, I think this is obviously going to the downside and This is really more based on some recent comments from From the Bank of England governor Andrew Bailey who came out on the 6th of September and basically said that that is signaling Anyway, that rate hikes may be near and end and the pound falls to the lowest and three months after dovish shift So My bias was actually for more of a stronger pound As long as obviously the bank remained a bit more hawkish But since Andrew Bailey's come out and and shifted to more dovish stance The pounds is probably likely to fall in the short term I don't think it's necessarily the worst currency and you can buy it against other currencies But you know the pound at the moment based off of just sentiment Unfortunately not doing not doing great if you were going into any kind of Long trades on the pounds the policy lag mean substantial impact from rates is yet to hit So the Bank of England governor Andrew Bailey said UK interest rates are probably near the top of the cycle Because a further because a further mark to drop in inflation is likely this year Assigned that the central bank may bring and then to its quickest tightening cycle in three decades now This is again dependent upon Inflation coming down now inflation remains sticky and remains or remains high higher than a 2% target then I think he's gonna have to readjust that that bias and the Bank of England will continue to probably hike a bit more maybe once more so Yeah, we we've seen the UK interest rates and now it's better to peak at 5.5% and it said here that the rate futures at 2 p.m.. Show is 69% chance of a quarter point rate Hype rise to 5.5% on September 22nd After the Bank of England's meeting down for more than 80% earlier in the week So the market is really pricing out You know the rate hikes and the chances of a further rate raise to 5.75% stood at 46% by December and peak at 49% in February with investors expecting cuts rates into the beginning to begin around a year's time so The The current rate is 5.25% and so the market is is slowly pricing out You know further rate hikes as do a second rate hike Which is basically why you're seeing the pound start to sell off where is you know You're looking at the the dollar on the other hand and the dollar is looking at hiking, right? And so all the potential for a hike so from that perspective you can see why The the pound is weakening against the dollar There is data this week as well. So data this week Unemployment rate and also as well. I think it's GDP and so if that does support Rate hikes or not, you know, then we'll see whether you probably want to go short or long on this currency pair So the dovish dovishness unfortunately if you're long pound, you know, it's something that you can't For see but let's see what happens But if you are looking to be a seller then that's going to be a nice pullback if you're looking to be a buyer Of the pound against the dollar based off of maybe some dollar disappointing news Then I think that demand zone is going to be decent for a potential buy I've added pounds yen to the analysis for this week We do have a large demand zone here which Again can be broken up, but the main focus is going to be around this area here. So again from a from a from a Interest rate divergence perspective you would expect prices to go to the upside but ultimately It also depends on yen intervention as well So there are there is the opportunity to look for some short trades within that supply zone There so depending on what happens the shift in dovishness from the Bank of England and maybe some hawkish intervention Support from the yen could mean that you could see prices start to you know Come up this week, but then start to break down into this zone right here The euro dollar again euro not doing well Been saying this for a little while now, and it's just been really poor economic news coming out of the of the euro So Europe where are we now? So ECB sees hike or pause dynamic going down to the wire. So So one second. Yeah, so So There we go So economists in Bloomberg Survey almost evenly split on outcome first three rate cuts next year is anticipated for March So we're starting to hear about cuts for for Europe and a rate hike is more 5050 So economists see the European Central Bank lifting rates Interest rates one more time to tame inflation. They're just not sure it will happen next week And so whereas maybe about a month or two ago. It was pretty much more of a done deal I think now the They're the the economists are, you know more a bit more uncertain So they just split, you know between the Bloomberg survey shows and almost even split between those Anticipating the 10th consecutive hike on Thursday and doesn't anticipate in a hawkish pause Before the deposit rate reaches a record of 4% in October So Yeah, it's it's it's a tricky one for for Thursday and if they do a hawkish pause Then you may see the euro, you know sell-off, but the data hasn't really been supporting a Euro hike in terms of their economy They're stagflation fears and so ultimately if you are looking to buy the euro You can look for maybe some buyers now But I still think the path for least resistance is to the downside So any pullbacks into these zones I think are going to be decent for a cell trade So either you've got zone here. That's nice And then you've got a nice area right there as the I think the The dollar is on more solid footing than Europe Euro yen again We could see some upside Right here, but I do think that if the yen weakens across the board then the Bank of Japan will likely intervene So I'm anticipating in fact a short trade on this currency pair I'm not really convinced by buying Europe at the moment and that's the data supports it But I do think that You know, I think I'm more More biased towards getting short on this currency pair Just based off of getting involved and getting ahead of a potential intervention by the Bank of Japan, but if you do want to be a buyer of the yen, then you've got some options I would probably wait for prices to either stop on below that level or you're looking for a Demand zone in and around this one five six the euro pound Did come up to this supply zone hasn't sold off just yet. I think this week is definitely be pivotal for both Currencies and depending on what happens this week with the term and whether you know You want to get long or short on this currency pair So if you want to get ahead of the news, of course now is probably the time This week is the time if you want to get long on the euro, then you're looking at you know pullbacks into this level I think I'm gonna pull this down to here and That's where the demand zone is so yeah I think any pullbacks down into this deeper end of the demand zone at 85 cent area It's going to be decent for a potential buy Of course if you get a pullback into these areas here to try and look for short trades That's also okay too the Australian dollar again suffering against the The the US dollar and that's really kind of based on the fact that China isn't growing Recent Australia trade surplus narrows in July as mining exports fall So Australia's monthly trade surplus Narrowed in July as exports of natural resources such as gold, coal and iron ore fell while imports climbed so typically the Australian economy runs a trade surplus, but it's closer to maybe it's more of a trade deficit now And this is really due to China slowing down because if China Slowing down and in it buying as much or importing as much from Australia Then Australia and not going to export as much right and so that's you can see that having an effect on Australia's economy and so for me with the US economy doing decent and the Australian Economy not doing so well and you know risk off Obviously in the market risk off Benefits the the US dollar again Just any I think any pullbacks into that zone is decent Or if you get a move to the downside and a pullback into that supply zone So that's really where my bias is of course you can look for buy trades now in anticipation of some sort of dollar weakness If you're anticipating dollar weakness, but I'm not so I'm looking for just looking for pullbacks and finally gold You know we did get you know move to the downside Based off of dollar strength There is some news about Gold that came out recently and it was talking about investor allocations to gold at highest since 2012 JP Morgan So gold investment has risen over the past year driven by central bank purchases with overall implied Allocations by non-bank investors at the highest since 2012 JP Morgan Chase Including Nicholas Attempt to pronounce his surname said in a note and he said there is little doubt that the pace of central bank buying Is now most important factor for gauging the future trajectory of gold prices? So that's interesting also as well China's gold binge extends to 10 month as reserves Climb so China added to its gold reserves for a temp straight month extending a push to bolster It's hefty stockpile as it tries to diversify away from the US dollar interesting so So yeah, with that potentially supporting the dollar, I'm sorry Supporting gold could that mean that gold, you know price moves up from here or It could pull back to this 1880s before You know looking at Going long but either way Central banks that like their will the Bank of China anyway looking at their buying on the way down so That just means that they can buy gold for cheap if they expect prices gold prices to be somewhere up here in the future based off of you know some risk-off events potentially on the horizon so I think in the short term it's going to be a tough trade to buy gold especially as we go into You know this recent dollar strength, but if Inflation is coming down for example for the in the US economy then I think that actually might be a decent buy for the For the for gold as great hikes get priced at of the the market And so gold might could be a potential buy in this 1919 area or down into the 1880s around here, but again, it looks like the dollar is going to be strong for a while of course if the data supports that narrative and So for me probably be like looking for potential short trades I'm not really a trader of gold to the short side But that would be where if you were looking for any kind of short trades on gold looking for short trades around here So that's where we are That's Yeah area there anywhere in that area there so That brings us to the end of the weekly analysis. Hope you enjoyed it Take care and I'll speak to you all soon Hi, everyone. I just wanted to talk about an idea that Like you don't see this all the time, but one thing that I've noticed over the years and I mentioned this in the past is that Leading up into an event and I say an event, but let's say, you know an announcement big You know data release like for example inflation jobs, etc interest rates What you what can happen is is that you've got a scenario where liquidity hunting occurs Yeah, or what looks like liquidity hunting occurs. And so I just want to explain this this this Statement that are made in the group which is in the week before the RBA announcement Notice how the Australian dollar strength yesterday the day yesterday the day before the announcement You know price gave an indication that there were sellers of the Australian dollar in anticipation of a hold now You know, we know what we knew that the likelihood obviously looking at the Australian Dollar channel, we knew that there was the likelihood that you know It was going to be a hold next week. Why I said next, you know, this was from Westpac Also as well, you know There was some data that came out that was talking about You know facing coming down and inflation, you know, the central bank was likely to hold rates, right? So anyways So you're thinking well, why would the Australian dollar strengthen going into you know the announcement right and so My you know theory is that what what happens is is you get a situation where you know, it basically The price action produces some liquidity. So let's go to For example, the trade that took yesterday, which is a pound Aussie. Yeah, so into You know into the week what we had was, you know, this was the announcement, you know today I'll be a decision and it was a better to there's better to hold so holds obviously mean that there's there's likely to be some sort of You know appreciation But it does it does also depend upon You know, the hawkishness or Duvishness of the the statement as well because you know clues as to what they're going to do next You know is also baits could be in it or is normally in that statement, which Even though they might hold you could also obviously see, you know, they were really hawkish then You know that would that may have gone the other way But of course the data support that narrative and at the moment that is not supporting a rate hike so for me the limit of the Australian strength made sense. So as we saw, you know lower highs lower lows being made Right into the meeting and we also saw You know the accumulation accumulation but an auction of The pound Aussie into Yeah, so we saw the you know the auction right where buyers and sellers of their market makers are there and then we saw as well A nice stop hunt below the market, right? So the day before yeah, there was a nice stop hunt Where you know the markets taking out all this the The liquidity to the downside and as we you know, we're going down towards, you know the week The Australian dollar is appreciating what you're seeing is you know a buildup of liquidity above levels You know, I mean above that level above that level there above that level there Above, you know certain swings so the liquidity to the upside of course, right? Far as if you're going short these are all buy orders buy stops and if you you know need fuel to go to the upside means that you want to you know, you want to short the or buy the The pound against the Australian dollar what you need actually is this is liquidity for your for your seller orders, right for the short orders to go, you know higher and so Yeah, so basically there was a buildup of liquidity above the market right as the market starts to go down and then you get the auction the range Stop hunt below and then, you know, you've got this move to the upside Which basically piqued my interest as we were going into the Aussie Announcement and again, you've got a little, you know auction around here as well So there was again some business being done in and around here before prices went to the upside so you know heading again heading into the Announcement there was really no reason for the Australian dollar to strengthen I think other than really if you look at the bigger picture only to bring buy at, you know Bargain prices, right because this is how the market, you know reloads and recycles, you know You know entities take profit, right? Then you get, you know a move where, you know, liquidity is built up and that is probably looking You know to for traders to get out of the institution to get allowed the institutions to get out of their positions Slowly and then comes, you know the downside this was obviously aided by some disappointing pound news as well but ultimately That pound news was capped to the downside and then we get, you know the move to the upside and so You know what I'm trying to say is this is as well as that you will have you sometimes have these Scenarios in this environment set up so we know first of all that the RBA are looking to hike that was baited into the probabilities Of things and it's it's unlikely that they're looking to hike rates, right? And then you get a move the week before Prices start to come down you get, you know the the auction where In large institutions allowed to do business for you know for a while This looks like a bargain price then you get, you know a stop hunt and then you get, you know Some signs that in fact, you know unfair auctions and you get signs that in fact this could be an act and Buy right and then obviously it starts to you know go to the upside So, you know my bias was always to go you know short on that Australian dollar So, you know the day before pretty much got involved not in necessarily stop hunt. I didn't see the stop hunt I didn't see it. I saw it after the fact But I waited for a bit more confirmation and I ended up getting in here and on an eight hour You know have to pay in candle and it's been a profitable trade so far And so going back to for example the CAD yen now CAD yen is interesting because we you know, we're setting up for another stop hunt above these highs, right? In the same scenario really is is occurring in the sense of You know, we've got the probability of a of a of the Canadian Bank of Canada looking to hold rates and so And then we just continue on from here where it says where it says many price action traders We're following the short trend which meant there was a bio liquidity building to fuel the sell orders once, you know The expected hold announcement was made. That's why explained so it could the repeat of that be happening with the CAD You know Bank of Canada expects to hold rates, but there is seducing price action today That suggests that CAD should strengthen to the uninitiated of people who trade to just follow price action Unless the Bank of Canada do actually hike rates tomorrow, which is highly unlikely This presents another nice short opportunity set up into the expected hold. So again The likelihood is that we are, you know, they're going to hold right as 3% chance You know of a hold according to the Canadian interest rate expectations for September and so And at 31% Chance of a hike in December then 1% then, you know, the markets pricing in some cuts Which means for me the CAD really isn't a buy at least in the short term. And so again going back to, you know this price action and Set up on the CAD. We're seeing again a nice little Trade here potentially. Let's see if we get enough. It hasn't really gone far enough for my liking As well not really that convinced of course stop hunts can be, you know, from from five to ten pips to maybe, you know 100 pips, but you know, I prefer at least at least, you know Decent more amount of pips because we convinced that traders are going long and also as well That there's a bigger stop hunt above there But if you are looking to get involved in this then I would say have a bit of a larger stock than usual And then see what happens, right? So this is convincing traders that they want to go long, right into that level Yeah Takes out some stops, you know all these stops above these levels that have been created So there was a level created here, right for traders going short Level traded created there, which is just creating the quiddity above the market I think there was something some more. Yes more levels right here So we've taken out all the stops seduced all the liquidity to go, you know Everyone to go long, which means their stop losses are below the market All their stop losses are here So that's basically the liquidity that the market needs potentially for tomorrow's announcement, you know to go to the downside Because ultimately why would you know prices continue to go to the upside if The, you know Canada Bank of Canada is ready to hold and also hold for the foreseeable future and maybe cut into Next year according to you know, what's being priced in now again, you know cad cad weakness Doesn't mean that you know, then won't be any yen weakness, right? So there could also be yen weakness Which is driving this at the moment. I can't see anything for now. So again, my you know Medium to long-term bias is to buy the yen on some yen strength, especially You know with some risk off Sentiment still coming in from China There was some some news that came in today. I think it was this morning and Yeah, China services PMI slipped to 51 percent from 551.9 in July missing market forecast of 53 point six So again way under it was the softest increase in services activities since the start of the year amid mountain downward pressure on the economy So again, nothing is not been great for the For the Chinese economy so risk off Potential for a trade right here You could take it now if you want to But I would say definitely have more of a wider stop in Anticipation that prices could actually go higher overnight and then start to roll over as you know It doesn't have the announcement down here though It has the IV PMI's and also unemployment rate, but tomorrow around that, you know that three o'clock I think is you should see the Bank of Canada announcement and then we just go to Let me go to Trading economics one set. Yeah, so again, we've got Bank of Canada interest rate decision expected to you know be a hold The consensus in the forecast at tomorrow Wednesday at 3 p.m. So let's see what happens the risk rewards If you are interested in this trade that can necessarily get involved in it If you don't believe in it If you don't want to buy the yen if you want to buy the cat against another, you know currency pair Right if you think that yen isn't worth buying and maybe you want to try and trade the the pound cad for example I think that's a there's a nice setup occurring on that as well. I did post that earlier. It's a pound cad There's a set up along along here Stop hunt there prices do stop hunt before You know the the announcement. I think that's gonna also be quite nice as well So yeah, you know you had a stop hunt right there But the level right there and then you could get one, you know to the downside you could get one to the upside So, you know, let's say we have to buy the the cad yen by the pot the pound cad if it sets up, of course But yeah, I was just going over obviously the idea that You know, we do have that environment again working out in terms of You know what happens with the Australian dollar and now it can happen with the Canadian dollar Alright guys, hope that helps. Take care. Let's meet you soon