Date : 23rd January 2019. MACRO EVENTS & NEWS OF 23rd January 2019. FX News Today 10-year Treasury yields are down from overnight highs, but still up 0.7 bp at 2.746%, and 10-year JGB yields climbed 0.8 bp to -0.004%. Stock markets remained cautious during the Asian session. The Bank of Japan held policy steady, as expected, while further reducing its outlook for inflation. The resulting weakness in the Yen didn’t help stock markets and Topix and Nikkei dropped -0.60% and -0.14% respectively. The Hang Seng is also down -0.04%, despite mainland China markets initially moving higher as China’s central bank pumped liquidity into the banking system once again. Still, the measures are also a sign that officials are nervous about the slowdown in the economy and CSI 300 and Shanghai Comp are down -0.24% and -0.13%. The bank offered around 258 bln Yuan (USD 38 bln) to banks through its medium term lending tool. Markets continue to question the progress in the US-Sino trade talks, even though White House adviser Lawrence Kudlow said that the trade talks are still on and the story about cancelled preparatory meetings was “not true, there was never any meeting. We are moving toward negotiations.” The negotiations next week will be “very, very important” and “determinative”. Meanwhile, there are the first signs of a possible way out of the US government shutdown. Markets remain easily spooked, but appear to have already priced in a lot of risk last year and US stock futures are moving higher after yesterday’s sell off. Oil prices are trading at USD 53.27 per barrel. Charts of the Day Main Macro Events Today Canadian Retail Sales – After Wholesale Sales plummeted yesterday, Canadian Retail Sales are expected to have also declined by 0.4% m/m, with core Retail Sales (ex autos) expected to have declined by 0.6%. World Economic Forum at Davos –The second day of the WEF annual meetings held in Davos and attended by officials from over 90 countries. Comments from central bankers and other influential officials can create significant market volatility. Richmond Manufacturing Index – Expectations – The index is expected to have remained at a sub-zero level, standing at -2 after the -8 in the December release. Support and Resistance Levels Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Dr Nektarios Michail Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 24th January 2019. MACRO EVENTS & NEWS OF 24th January 2019. FX News Today 10-year Bund yields are down -0.6 bp at 0.216% in opening trade. Treasury yields also fell back from overnight highs and are now down -0.2 bp at 2.739%, while JGB yields remain up 0.8 bp at 0.001%. Stock markets mostly managed to move higher in Asia overnight (excluding the Nikkei which closed with a loss of 0.09%) and DAX futures are also up, while US futures are narrowly mixed and the FTSE 100 future is swinging between gains and losses. Brexit developments remain in focus, but while in the UK officials continue to struggle to find a consensus on the way forward, the focus in the Eurozone turns to the ECB meeting today. Rates are widely expected to remain on hold and the guidance little changed, but Draghi is likely to sound much more cautious on the growth and inflation outlook, which should underpin stock markets. Norges Bank is also expected to hold rates steady and the data calendar focuses on Eurozone PMI readings, which are expected to show further weakness in the preliminary release for January. US earnings reports have helped to underpin risk appetite in recent days, while the ongoing government shutdown is preventing timely data releases and leaving investors focused on trade talk developments, company news and in Europe, Brexit jitters. Charts of the Day Main Macro Events Today EU Services, Manufacturing, and Composite PMI – The Services PMI is expected to come out at 51.5 in January, compared to 51.2 in December. This is expected to have a positive impact on the Composite PMI, which is expected to rise to 51.4 compared to 51.1 in December. The Manufacturing PMI is expected to have remained at the same levels as in December. World Economic Forum at Davos – The third day of the WEF annual meetings held in Davos and attended by officials from over 90 countries. Comments from central bankers and other influential officials can create significant market volatility. ECB Interest Rate Decision – ECB is not expected to proceed with any changes in the interest rate yet as it is has just started evaluating the effects from the end of QE in December. However, communication could provide important information regarding the future path of policy. US Jobless Claims – Initial Jobless Claims are expected to rise to 220k compared to 213k last week, while Continuing Jobless Claims are expected to decline slightly to 1.735M, compared to 1.737M last week. US Services, Manufacturing, and Composite PMI – Reductions in PMIs are expected in all sectors, in conjunction with the overall perception of a slowdown in the US, and the ongoing government shutdown. Support and Resistance Levels Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Dr Nektarios Michail Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 25th January 2019. MACRO EVENTS & NEWS OF 25th January 2019. FX News Today 10-year Treasury yields are up 1.6 bp at 2.732% while JGB yields fell back -0.4 bp to -0.008%, despite broad gains on Asian stock markets overnight. Topix and Nikkei managed gains of 0.87% and 0.97% respectively. The Hang Seng is up 1.44% and the CSI 300 1.23%. The ASX climbed 0.8%, lifted by higher commodity prices. Earnings reports have helped to prop up market sentiment this week, despite the fact that economists and central banks are now catching up with the gloomy view on the outlook for world growth that already sent markets lower at the end of last year. The global cyclical chip sector seems to be recovering, which is underpinning tech stocks. US and European stock futures are also posting broad gains, suggesting an overall positive end to the week, with markets now bracing for key events next week including the continuation of US-Sino trade talks as well as the Fed meeting. ECB’s Coeure commented that it’s too early to discuss whether ECB will hike rates this year, while adding that the central bank may have to adjust rate guidance at some point. Coeure admitted in a Bloomberg interview that the economic slowdown has surprised the central bank although he also added that the jury is still out on how persistent the slowdown will be. Charts of the Day Main Macro Events Today Baker Hughes US Oil Rig Count – Oil Rigs stood at 852 last week, with the number of drills highly dependent on the price of Oil. US Monthly Budget Statement – In view of the US government shutdown, the Budget Statement in December is expected to be much lower than the previous month, at a deficit of 12 billion, compared to a deficit of 205 billion in November. World Economic Forum at Davos – The third day of the WEF annual meetings held in Davos and attended by officials from over 90 countries. Comments from central bankers and other influential officials can create significant market volatility. German Ifo Business Climate – Following the slowdown in the German economy, business climate is expected to decline to 100.7 compared to 101.0 in the previous month. Support and Resistance Levels Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Dr Nektarios Michail Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
NZD/USD - Settled on Bullish Side of .6825 to .6781 Retracement Zone Based on Friday’s price action and the close at .6826, the direction of the NZD/USD on Monday is likely to be determined by trader reaction to the main Fibonacci level at .6825. The New Zealand Dollar reversed earlier chaos about Friday to unventilated snappishly well ahead for the session. The concern drove the currency to its highest level adjoining the U.S. Dollar back December 19. The catalyst at the previously the bullish outdoor shape was a financial defense that said U.S. Federal Reserve policymakers were nearing a decision vis--vis considering than to waylay its hold mitigation program. This is important to traders because it will signal the central bank is disturbing closer to ending its tightening cycle. The Kiwi rallied because the news weakened demand for the greenback. On Friday, the NZD/USD decided at .6841, happening 0.0079 or +1.16%. Earlier in the week, the New Zealand Dollar posted a daily reversal bottom after the forgive of improved than customary consumer inflation data encouraged investors to condense bets concerning the order of a join up rate condense by the Reserve Bank of New Zealand.
Date : 28th January 2019. MACRO EVENTS & NEWS OF 28th January 2019. FX News Today 10-year Treasury yields corrected from Friday’s highs and are down -1.8 bp at 2.740%. Stock markets in Asia initially got support from US President Trump’s agreement to a temporary end to the 35-day partial government shutdown which underpinned Wall Street on Friday. However, Trump also threatened to resume the shutdown on Feb 15 if his demands on the financing of a border wall are not met. Japan underperformed and Topix and Nikkei were under pressure from the off, while elsewhere gains faded during the course of the session as markets continue to fret over potential risk factors, first and foremost the US-Sino trade talks and Brexit. Topix and Nikkei lost -0.68% and -0.60% respectively. The Hang Seng is now down -0.105 and the CSI 300 down -0.06%. Australia is shut for a holiday and US futures are heading south. Oil prices fell back from a session high of USD 53.64 per barrel and the front end WTI future is now at USD 53.01 per barrel. Charts of the Day Main Macro Events Today ECB Draghi Speech (EUR, GMT 14:00) – The ECB President is due to testify at the European Parliament in Brussels. New Zealand Trade Balance (NZD, GMT 22:45) – The New Zealand trade balance is expected to have come out in surplus area in December, compared to a deficit in November. Support and Resistance Levels Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Dr Nektarios Michail Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 29th January 2019. MACRO EVENTS & NEWS OF 29th January 2019. FX News Today US equities turned lower after a miss by CAT and warning from Nvidia, both partly blaming the global slowdown and China in particular for their woes;yields back down. Criminal charges in the US against Chinese telecom giant Huawei overshadow trade talks and prevent a long-awaited US-Sino deal. Topix and Nikkei lost -0.63% and -0.47% respectively. Brexit at complex crossroads in UK; today’s parliamentary votes may clear picture Oil prices are higher and the front end WTI future is trading at USD 52.43 per barrel. EURUSD recovered to clear 1.14, up from last week’s 6-wk low at 1.1289. USDJPY came off highs, concurrently with correction in global stock markets. Charts of the Day Main Macro Events Today Brexit: A number of amendments are due to be voted today in Parliament, including ones that seek to either delay Brexit from March 29, or to legislate against there being a no-deal Brexit, or opens the way to a second referendum on EU membership. Parliament is also due to vote on the Prime Minister May’s Withdrawal Agreement, which lacking a concession from the EU to write-in an amendment that legally time limits the Irish backstop, or allows the UK to unilaterally withdraw from it, looks set to be rejected. A no-deal Brexit scenario remains a possibility, although May, while using it as a threat, will likely ultimately prevent it, as will Parliament. US Consumer Confidence – Expectations –January consumer confidence is expected to decline further to 126.0 from a prior 5-month low of 128.1 in December, versus an 18-year high of 137.9 in October. Japanese Retail Trade – Expectations – December retail sales are seen contracting at a -1.0% y/y from -2.2% for large retailers. Total sales are expected to slow further to a 1.0% y/y rate from 1.4% in November and 3.6% in October. Support and Resistance Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 30th January 2019. MACRO EVENTS & NEWS OF 30th January 2019. FX News Today Stock markets traded mixed in Asia – NASDAQ is outperforming, Nikkei lost -0.52% and UK100 futures are moving higher. No more bad news from Apple: Apple Inc.’s report of sharp growth in its services business helped to underpin sentiment,. Brexit: UK lawmakers didn’t vote to extend the Brexit deadline. PM May heads back to Brussels to re-negotiate backstop. EU leaders were once again quick to stress that the legal text of the withdrawal agreement is not up for discussion. French GDP numbers held up better than expected and German GfK consumer confidence unexpectedly jumped higher. EURUSD ebbed back to net unchanged (1.1430) after posting 2-week high at 1.1451. USDJPY stucks in the mid-to-low 109.0s. GBPUSD is trading near 1.3100 from 1.3190 high. The front end WTI future is trading at USD 53.42 per barrel. Charts of the Day Main Macro Events Today German Jan HICP – Expectations -While the German HICP rates are above the Eurozone average now, base effects from lower energy prices continue to keep the headline rate below the ECB’s 2% limit. The preliminary January reading should be at 1.8% y/y . ADP Employment – Expectations –The January ADP Employment report should reveal a 195k gain for the month, after a 271k December gain. FOMC – Expectations – The FOMC statement will be released at 19:00 GMT. That will be followed by Chairman Powell’s press conference, which will now be a regular affair at each meeting, although forecasts will continue to be published quarterly. No one expects any action on rates tomorrow (including IOER). We expect the statement to include the new watchword “patient,” along with “flexible,” with the latter perhaps a nod to the balance sheet, and stress on data dependency. Support and Resistance Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 31st January 2019. MACRO EVENTS & NEWS OF 31st January 2019. FX News Today Asian stock markets rallied after the FOMC, which boosted risk appetite. FOMC held policy steady and pledged to be patient with further interest rate hikes – a possible sign that the Fed is signalling a potential end to its tightening cycle. Topix and Nikkei climbed 1.08% and 1.06% respectively. US Equities firmed after Apple, Boeing, AMD results. German Retail Sales slumped 4.3% m/m at the start of the European session. It raised concerns about the health of the German economy. European futures are moving higher, in tandem with US futures, after a rally overnight. WTI crude +2.0% near $54.50 after small EIA build. USDIndex stumbled 0.45% to 95.40; EUR probed 1.15, JPY through 109.00. Charts of the Day Main Macro Events Today Eurozone Prelim. Flash GDP – Expectations – Overall Eurozone GDP should show growth holding at 0.2% q/q, but with risk to the downside. German and EU Unemployment Change – Expectations – A decline is anticipated in the German unemployment number of -4K. The December Eurozone unemployment rate is seen falling back to 7.8% from 7.9%. Canadian GDP – Expectations – GDP for November is on track to contract 0.1% in November (m/m, sa) as the sharp decline in oil prices materially impacted the economy. Support and Resistance Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 1st February 2019. MACRO EVENTS & NEWS OF 1st February 2019. FX News Today US-Sino trade talks will continue later this month with the March 1 deadline for tariff hikes coming ever closer. Both sides sounded cautiously optimistic Stock markets traded mixed in Asia. Topix and Nikkei closed with a gain of -0.18% and a marginal gain of 0.07% respectively. China’s manufacturing PMI decline dropped to the lowest level since February 2016. This revived concerns about the country’s economic strength. Earnings reports continue to come into the mix and banks were the biggest drag on Japanese benchmarks, while electronics makers gained. European stock futures are moving higher and US futures are now also mostly up as the focus shifts to US jobs data. The WTI rallied as much as 2%, peaking at two-plus month highs of $55.32 before falling back to the current $53.80. EURUSD eased from 3-week highs, back to 1.1440 area. USDJPY is above 2-week lows and currently retesting 109. Charts of the Day Main Macro Events Today Eurozone Manuf. PMI – Expectations – January Eurozone Manufacturing PMI will likely be confirmed at just 50.5 from the preliminary print, dropping from December’s 51.4, with confidence data adding to concerns that the slowdown will be more protracted than initially expected. Eurozone’s CPI – Expectations –Eurozone preliminary CPI reading for January should be at just 1.5% y/y, down from 1.6% y/y at the end of 2018. US Nonfarm Payrolls and ISM Manu. PMI – Expectations – January nonfarm payrolls are expected to increase by 200k, with a 195k private payroll gain. The ISM is expected to slip to a new 2-year low of 54.0 in January from 54.3 in December, versus a 14-year high of 61.4 in August. Support and Resistance Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 5th February 2019. MACRO EVENTS & NEWS OF 5th February 2019. FX News Today RBA left the cash rate on hold as expected and conceded that some downside risks have increased. RBA set to make subtle shift to the dovish side. RBA’s central scenario for the economy is around 3% growth in 2019. AUDUSD perked up to 0.7260 from 0.7204. Alphabet beat on profits and revenue, by making $8.94 billion on $39.27 billion revenue, but shares fell 3% on continuing pressure on advertising prices and decreasing margins. European stock futures are moving higher, while US futures are struggling and slightly in the red. Better than expected BRC retail sales out of the UK helped to underpin sentiment ahead of Services PMI. WTI retreated 1.2% to $54.0 area, down from 2019 highs of $55.74 bbl – Currently at $55.00 area. Charts of the Day Main Macro Events Today Eurozone Services PMI – The overall Eurozone Services PMI for January is expected to come in unchanged from the preliminary number at 50.8, which should leave the composite at 50.7. UK Service PMI – It is expected to come in with a headline of 51.0 after 51.2 in December. EU Retail Sales – They are expected to have corrected -1.8% m/m, after the strong November reading. US Service and ISM Non-Manufacturing PMI – The ISM-NMI Index is expected to slip further to 57.5 in January from 58.0 in December, versus a 13-year high of 60.8 in September. Services PMI is expected to be unchanged at 54.2 for January. Support and Resistance Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
