 Good morning to CMC Espresso. The next weeks are full of interesting and potentially trans-setting dates. There are the G7, which will meet in Japan on Thursday and Friday of this week. On Friday, Fett Chief Yellen giving a speech. On the 2nd of June, the oil cartel OPEC will meet. On the 3rd of June, there will be the US labor market data coming out and on the following Monday, Yellen will speak again. Then there is the meeting of the US Federal Reserve on the 15th of June. Then on the 23rd of June, so a week later, there will be the proposed referendum on the UK stain in the European Union. The G7 countries, given the weakness in the global economy, may decide upon global stimulus packages or so. It is expected. Some even think that they could agree upon to cap the value of the dollar from appreciating a kind of plaza accord, which was an agreement between the representative of the G5 countries that was France, Germany, Japan, the United States and UK, which was adopted on the 22nd of September of 1985 at the Plaza Hotel in New York. The participants agreed back then in the agreement on a devaluation of the US dollar against the Yellen and the German mark. That would be quite wonderful news, should that come for commodities, emerging markets, China and gold, which could be supported in such an environment. And that would work kind of like a global stimulus package. But even if that sounds good, it is unlikely because most finance ministers of the G7 countries have made it clear in advance that the existing exchange rate policy will continue to exist. But let's see what is coming out of that meeting. On Friday, there will be the speech by US Federal Reserve President Janet Yellen, who will probably like her colleagues say that with no further deterioration in the data, it is justified to raise interest rates soon. While Yellen thinks the economy is strong enough, there is a study from the Pew Research Center showing that more people in the US between 18 and 34 years live in with their parents instead of together with their respective partners. So more and more young people find it hard to get a job that allows them to stand on their own feet, pay the rent on their apartment, let alone build any savings. The Fed finds, however, that the economy is strong enough to withstand a rate increase. Anyway, it must be said that interest rates in the past two years have actually been raised sharply in the United States because when we count in the QE buying programs that were still running one and a half years ago or roughly two years ago, interest rates were effectively at minus two percent in the United States or even slightly lower so that the interest rate has since effectively risen by more than two percentage points. This paralyzes Wall Street, which has gone nowhere for one and a half years now. Nevertheless, American families had surprisingly had enough money to buy 619,000 new houses in April, which had yesterday exceeded all expectations. Stocks have risen sharply, especially this is surprising as the median value of those sold houses climbed to a record high at $321,100. So high prices do not deter the buyers. Probably many fear that raising or rising rates by the Fed reserve might also increase the cost on their mortgages.