 Welcome back folks. I'm Tommy O'Brien joined by Basil Chapman. This morning we got markets up in positive territory. Dow Jones up 118 right now. S&Ps positive by 13. NASDAQ positive by 51. Basil just amusingly were saying maybe politics and Powell in front of Congress. He's gonna get some questions and I see the headline coming across CNBC. Fed chief Powell says he would not resign if asked by President Trump. So they're gonna hit him with a bunch of good questions and I'm sure he saw that one coming. That's an easy one in terms of getting prepared. But speaking again prepared talking about currencies markets. Let's go over to our man Teddy Kegstad from Forex-Trading-Unlock.com. We talked to Teddy about currencies. What's going on the market every Wednesday at 40 past the hour. Teddy Kegstad, good morning. Good morning, Tommy. Good to see you guys. Good to see you as well, man. So we got a lot going on this week with the dollar pulling back a bit right now of course with Chairman Powell. Like we were just talking about in front of Congress today and tomorrow. What are you looking at in terms of the currencies as we have kind of two days of Fed action. We got FOMC minutes today as well. And then we also have a bond auction going on today from the government as well. A lot's going on out there. There is. There is. We have the numbers this week. Today, tomorrow and Friday are not too much of a concern but we do have the CPI and the PPI coming out Thursday and Friday. Definitely. So I think that unless there's any really big skew away from expectations, those probably aren't going to cause much of a jump in the market for the currencies or interest rates. Sure. But I think the Fed minutes today is something to watch out for. So we know that the dovish stance of the Fed is in place. As far as Powell testifying also in front of Congress, I think you're going to start to have some questions about a potential currency war. There's been rumblings by Trump to push the Fed a little bit and say, hey, we need to devalue the dollar like the other currencies happen by other countries in some fashion. So that has come to the light over the past few days with him pushing it. So I think that you're probably going to see some questions to Powell being put whether or not he's for that against that. I don't think that the short-term sell-off right now in the dollar is because of any of those rumblings. I think it's more of kind of just a corrective nature. If you look at, for instance, the U.S. dollar yen or the U.S. dollar Swiss, they've been trending for a while. So it's kind of time for them to have a little bit of a short-term correction. Dollar weakness. Yeah. I was taking a look at the Swiss. We talk about that. I know you like to follow that. Can you walk us through that parody again for those that don't listen and what you look for? Because we have the Swiss. What's that right now? Just under parody, like 9.989. I have it up here. Yes. And actually, that's an interesting level to talk about, especially right now. Because about a month ago, the market had been rallying up to parody. It had fallen below it. And it looked like it wanted to actually hold, especially with the news that was in place, the time it looked like there was a dollar rally going on. Even though it was going against the other currencies, the Swiss, it failed. Now, we've made and established a newer lower low on the daily chart. And as of the past week and a half, there's been a really nice rally up to about this 98.5 to 99.7 level. This is where I think we're running out of gas. Parody would be, and this is where the currency war rumblings and what the Fed will do is going to be very interesting over the next couple of days, Tommy. I think that if the dollar's strength really prevails and is present in the market, the bulls are going to take out the recent highs, they're going to reverse gears, and they're going to make a play for parody, which is a psychological level for the market for a lot of traders. But it's also a balancing point because the Swiss is one of your most secure, safest currencies out there. It's always when the dollar's not flight to quality, the Swiss is when there's geopolitical action going on. Now, the Iranian thing has been kind of quiet for the past couple of weeks. Obviously, that can flare up. I think that short term, we have a couple, especially today. Today's signals are going to be in place for the euro, the pound, and for the yen. If you look at the, like we just mentioned, the Swiss, we have a short term sell signal. If they settle about where they're at or lower today, I think you're going to see the market break for the next couple of sessions in the next week, which would be, the dollar's been riding its highs. It's time for a little bit of a correction profit-taking move, which would coincide with the news. I don't know if it's a direct correlation, but I think it's the perfect storm to have a little bit of a correction. And the same would occur with the euro, US dollar. If you look at the trade today, it's like a balloon under water. Like it started out today just slightly positive and now it's encompassed the body of yesterday's trading, the body of Monday's trading. It's also also creeping up into Friday's body, which it really had sold off pretty sharply. So that being said, I think that were those moves overdone and exacerbated? Perhaps. Are these just corrective moves for the short term? Perhaps. But I think that the signals, though, that will be set today, like for instance, if the euro, US dollar settles about where it's at right now, that's a bullish engulfing pattern, probably setting a trend for the next couple days, couple sessions at least. The same with the Swiss. And then we also had the US dollar again, which is also possibly setting up for a nice little slide as well. And that could make sense just fundamentally in terms of if that trend begins on Powell's remarks, and he carries that message through today and tomorrow and the market just is kind of digesting that same type of action, then it could hold true that you know that he's because he's going to be ever present today and tomorrow, I assume in the in the headlines with prepared remarks and then question and answer that will make headlines, I'm sure as you know, I'm seeing them pop across my screen right now. Right. And I think that unless he says something that's actually where he's like going against it where he's for dollar strength, like outwardly saying, I'm protection is the dollar, I want to maintain dollars strength. That would be the only thing that I would see would reverse gears off of these potential sell signals and buy signals today. You know, and I don't think he's going to come out and say that I think that if anything, he'll say we still need things need to remain to be seen, what's going to happen, but we're going to maintain a dollar stands and not necessarily protective of the dollar, but probably not looking to devalue like, you know, the president has been kind of hammering for the past couple days, you know, yeah. So and that's also for our economy too. Think about if we do have a short term currency war, not a long term one, but just a couple things to get things moving and get the dollar weakening short term, our exports, obviously do better. Yeah, our services. So that's good for our economy in the short run. I don't think it's preemptive. I think it's more of a if you can't come to terms with the tariffs, you know, it's a way of saying, hey, if you can't make a decision and come to the table with us somewhere and find some middle ground, we're going to do this and force your hand another way. Yeah. No, it's it's right in the mix for sure. And how about the pound if we could jump over? Because I got a chart up there, the pound man, talk about some volatility. That's that's the one that's really tough, Tommy, because I mean, talk about trying to not catch a falling knife, right? Yeah. I mean, this is just, I mean, since March and April, man, 133 to now 125. And even just since over the last month, right? Even since June 24. But the kids do have their own problems. So they do for sure. Yes, for sure. They're trying to dollar strength. If for instance, let's just say that dollar weakness rather comes into the market. I don't know if that's going to change things for the pound. You may see a slight let's say, for instance, that there is a dollar weakness that happens, and we see a big rally in the Euro gets back up to 114, 115. Yeah, say we see, you know, the US dollar yet and the Swiss side. I don't know if the pound would be the same. That depends what's happening. And and if Boris is Prime Minister yet and everything going on, right? Teddy, I wish we had more time. Thanks so much, man. We look forward to next week. Folks, folks, trading dash unlocked.com. Check it out.