 Good morning and welcome to these products in focus Well, what difference a day makes a massive rally overnight across most global equities big changes in the FX markets And even commodities got a bit of a shunt last night as the Bank of China Came out with a five hundred billion liquidity injection for the top banks in China couple of the fact that there is a kind of a kind of staunch, I guess rhetoric that today's Fed meeting will come out with a quite a positive Spend on interest rates that interest rates will remain low for a considerable Rate of time now. Obviously that doesn't get finally released until about 7 p.m. UK time tonight But these two factors had together there have really caused a big spike up in in the markets And as you can see there that the US 30 reach potential resistance at 17162 Before slowly drifting a little bit lower this morning, so you can see that pretty much bang on hit that same level so certainly a significant strategic level there to be aware of and I'll be interested to see how that pans out later on today and at 7 p.m. Tonight. If in fact the rumors are true UK 100 as you can see the candle here very interesting formation This would normally be a hammer formation at the bottom of the downtrend We're actually into slip a little bit more again today. Obviously Referendum is tomorrow for Scottish independence with the result getting Probably displayed very early on Friday morning. They start the count at 10 p.m. On Thursday night and if that comes in as Yes for independence expect extreme volatility across GBP USD and the UK 100 remember these markets really 24 hours and that the UK Stop market itself opens at 8 a.m. On Friday So it should be quite interesting to see how things pan out there, but certainly 68 32 potential resistance On the downside you would have 67 74s potential support then fall by 6701 If things don't work out according to plan moving on to Japan to do five a failure at potential resistance 59 87 But then we did have a failure to break on dollar yen as well If there isn't going to be an increase in rates anytime soon in the US as in this year 2014 That's going to hold back dollar yen from its impressive gains that they've been making And you have seen a little bit of reversal and forced fortunes from Japan to do five And so we have come out with some pretty poor results as well We should probably weighing ever so slightly on the Japanese sentiment out there next potential support 15 828 Moving on to that dollar yen position Well, don't yen is kind of just stop shy of its recent high. Let's just say it's 107 spot 40 I've been getting a lot of indecision right now. It's building up a consolidatory base right now But it's vulnerable to short term shocks. As I said, it has been up quite high If we don't get the type of language that a lot of the dollar bills are after we might just get a slight retracement But because we're quite far above that potential resistance at 105 spot 44 That could be problematic for for clients who remain long instantly But could provide an interesting springboard if you do have a bullish stance on dollar yen longer term But it does depend on the fundamentals as well moving on to crude oil West Texas On the back of that Chinese liquidity boost And you know, obviously if rates don't raise sooner rather than later global demand is back in the picture Massive up swing the previous day was huge one there yesterday And we've stopped shy again of potential resistance 95 spot 40 So that is certainly the level to beat we're still the same pattern if we break above that and start to recharge 97 spots 64 that would be a slight change and the overall pattern formation of crude oil West Texas Would be an actual significant change. We had a great move there yesterday, but stop and edit resistance We need to see how things pan out So gold didn't really better get much benefit. Obviously a little bit of uncertainty off the table a little bit of dollar weakness on there We has helped push it up ever so slightly But as you can see by the long-laid candles there is a really lacking direction I don't think that's going to really change the next couple of sessions. We'll see how How it reacts to tonight's information depending on the rhetoric that'll have a decent impact on gold So moving on to your dollar. It's been volatile bouncing around these levels one spot 30 zero zero is still the potential resistance It was so was the broken support now acting as a resistance because these to you tend to spin round the pattern of Of higher lows here. It's still quite prevalent So expect to get a small grind higher and then we're gonna make a decision when we get quite close to 130 And probably we'll probably see something tonight depending on how the news comes out of the Fed So finishing up with GBP USD is a real tough one to call just now This massive sell-off was in response to changing the polls saying that independence was gonna happen This move to the upside right here is indicative of the fact that perhaps that move was overdone and I guess if you go into a lot of Financial markets Indicators and even if you look at just some fixed odds betting You can get a bit of an idea as to as to where a lot of the money has been placed just now that independence will be Well, they seem to think that independence will be a noble Come Thursday, and you are seeing this move up to the upside there in GBP USD So financial traders are certainly making the bet that that's not going to the independence is not going to happen And we are trading above potential resistance now at one spot 62 65 In regards to economic data obviously lots of stuff today Bank of England minutes UK employment data We've got a CPI in the Eurozone. We've got CPI in the US We've got Crudeau inventories and then we've got the federal funds rate And obviously the statement coming out of the monetary policy lots of big stuff on today Fast forward on to the following day more UK data and US jobless claims as well We just finished up by having a quick look at client sentiment for a second And this kind of gives you a bit of an idea as to the overall picture big Big shunt forward on UK equities as sorry and global equities has pushed that short position US there to go 86% short UK 185% sure where German clients are almost 50 50 And if you look on your dollar 94% short And cable 82% short as well. So very interesting times ahead and join me again tomorrow to find out what happened next