haidi: the fed in

haidi: that was garfield reynolds.ry: we can see all of these stories and all of the day's trading on mliv . you can get a market run out in one click. commentary and analysis from bloomberg's expert editors. sticking with the dollar strength, morgan stanley is concerned about risk assets, let us bring in annabelle for morning calls. what are they saying? >> one of the most vocal individuals from wall street, the u.s. equity strategist, what he says is the dollar rally was unsustainable for risk assets. he is looking here at the impact it will be having on corporate profits. their calculation is everyone present pain juicy in the dollar index has a negative 15% impact on profits in the fourth quarter for the s&p 500 earnings. they are predicting a headwind of 10% from the king dollar in line with other issues like import costs. in terms of what that means, let us bring up the terminal. morgan stanley's wilson says his will early around -- this will end around early next year. the downside from where we are today, t

haidi: our reporter with the latest.live today from the milken institute asia summit in singapore. we have a huge host of guests, people we are speaking to on your screen. don't miss out on those. that is just about it for daybreak australia. daybreak asia is next. this is bloomberg. ♪

haidi: we are watching higher prices in the u.s..r prices are less expected in august and old measures coming in above forecast. apparel prices were not immune, jumping 5.1% on the year. as we wait on numbers this year, let us bring in the ceo of american apparel & footware association. good to have you with us. where do we see the biggest gains? >> we saw gains across the board. apparel prices were up 8.6%, footwear is up 6.8%. you have to remember as price increases for apparel and footwear, they are deflationary. we see his work price increases -- historic price increases. it is not something we can tolerate much further and that is why we are asking the administration to step in and provide some inflation relief. shery: this was because of supply chain disruption, what is happening on the ground? there israel, ports or trucking services as well -- there is rail, ports, or trucking services as well? >> some of our major rail and transit hubs, we are looking at a potential rail strike this weekend. americans are fed up with high in

haidi: great to have you with us.take a look at the sovereign pace when we look at australia and new zealand. we see this relentless bond rally. putting this trading at ease as we see the rba moving towards the fourth .5 point hike. we see a bit of a move when it comes to australia and new zealand. the qe dollar -- kiwi dollar coming under pressure. we see more globally, the aussie dollar is bearing the brunt of the risk off trade. sitting under 68 u.s. cents. the short end yield falling. the year bond seeing a drop. -- the three year bond seeing a drop. be sure to tune in to bloomberg radio. we are broadcasting live from our studio in hong kong. listen in with bloomberg radio.com. this is bloomberg. ♪ haidi: i look ahead in terms of the day, australia and new zealand. we get the numbers for august and the inflation gate. new zealand will defer discussion on increasing the conservation levy until late last year -- next year. as a priority is for tourism and customers. we are watching mining shares after gold increases

haidi: good morning and welcome to daybreak australia. annabelle: we are counting down to the market open. shery: good evening. u.s. stocks drop again after a volatile session, data treasuries erasing an earlier rebound. haidi: central bank officials continue comments. >> this is a serious problem that we need to be sure we respond appropriately. more increases are indicated. shery: suspected sabotage after nord stream 1 is compromised. we are seeing u.s. futures rebounding early in the asian session after stocks struggled for direction during the new york session. the s&p 500 giving up more than 1.5% of gains at one point, we continue to see volatility from the fed, they are adding to the hawkish rhetoric we have already seen this week. we have the yen at 30. wti under pressure, but it rallied in the new york session given we got a report russia might be pushing for opec-plus production cuts, i mentioned tensions. mixed picture when it came to treasuries. the yield is moving, the 10 year co

haidi: enda curran there.ve a result in the chilean referendum on the constitutional amendment. we are seeing a rejection of the constitution. 48% of votes are now in, 37.4% were to approve. this was a constitution that would elevate gender issues, environment, stability. the majority of chileans what a new constitution but this was not it. the president suggested there would be a new draft up for vote, but this draft has been rejected by the chilean public. there is great uncertainty associated with the outcome, but we could see less selling pressure on local assets, but this does not settle the issue with potentially another vote to come. up next, china's biggest ev producer making inroads into the japanese market. the president of the company is next. this is bloomberg. ♪ haidi: the city of okinawa as ordered residents to evacuate due to the possible threat posed by a typhoon, the strongest one this year. cabinet ratings have fallen by one percentage point to 50%. we will watch again as a key focus of the f

haidi: simon flint. some of the stocks we will watch when trade opens in six minute time in japan, asia, and australia. a japanese pharmaceutical company announced the results of an alzheimer's drug trial, indicating the drug helps slow the disease and is the first medicine to clearly block the projection -- block the progression. shery: we will be watching when stocks start trading. nikkei slightly higher. japanese yen trading near a range this whole week of the 145 level. we will see if it nears the level given the strength of the dollar. sidney futures under pressure. the kiwi stocks gaining ground. a mixed picture overall given that it was a struggle to find direction in new york session. u.s. futures -- asian futures were slightly higher earlier but now it is neutral. stocks ended lower today, giving up more than 1.5% of gains. coming up, we will talk market strategy with credit suisse and why they see the number of millionaires surging in the next five years. plus more with tv security. this is blo

haidi: it is haidi chiming in from cindy.t to throw this a quick chart showing the global growth tracker fell to zero for the month. we know the risk of recession is looming large for the u.k., for the u.s. historically, we would have seen growth out of china coming to the risk. how much downside is there from the chinese slowdown, particularly when it comes to emerging nations that typically would have benefited from that chinese growth engine? david: this is very interesting. europe is facing a problem -- the reason, they were very dependent on energy from russia. natural gas, oil, and coal. as that is reduced, it creates higher prices, inflation, rate hikes, and mutt is a complicated makes. -- and that is a complicated mix. china was a countercyclical, meaning they would cut interest rates, they would increase their government spending, and they are doing less of that this time. they had a contraction in the second quarter, the quarter over quarter growth was negative. going into the party congress, they have been less eag

♪ haidi: haidi:. good morning and welcome to "daybreak: australia." am haidi stroud-watts in sydney. we are counting down to asia's major market opens. shery: good evening from bloomberg's world headquarters in new york, i am shery ahn. we are watching 10-year yields ended two year deepening its curve inversion. haidi: and chinese president xi jinping is welcome to kazakhstan on his first foreign trip in nearly 1000 days. shery: u.s. futures slightly higher at the moment. we had a late-day rebound on the s&p 500, swinging between gains and losses throughout the session. perhaps some anxiety easing over inflation data showing that it fell for a second consecutive month. watching treasury yields closely as well. it was a mixed picture. the dollar in fact, reversing the strength we saw after the u.s. cpi numbers. we continue to watch crude prices, we had some easing in prices, but new york prices were actually higher. there is a little bit of optimism that we could see demand recovering. for example, the city of chengdu in china easing lockdowns despite

haidi: bloomberg's su keenan.t, singapore's minister speaks to bloomberg about fighting cancel culture. this is bloomberg. ♪ haidi: singapore is considering a to address cancel culture. single -- singapore's minister of home affairs and law and culture spoke to haslinda amin. i think on the repeal of 337a, we are trying to forge consensus and move forward with some social harmony on an issue that has torn asunder the social fabrics in many countries, the culture wars and so on. today, marriage is defined in law as marriage between a man and a woman. and any debate on that is in parliament, and not dealt with through the courts. haslinda: are you encouraged that perhaps the definition of marriage could be tweaked at some point in time to include two men? >> i have said what the current position is. the current position is that it is between a man and a woman and that is the policy of this government. haslinda: there has been opposition from religious groups concerned about how they may be attacked for the views the

haidi: that continues to be in focus.ur focus today in australia, the rba government commentary and testimony to parliament. also, we are setting up for a fifth straight week of asian equities going into the friday session. australia looks like a downside of 1%. we are watching gold miners today after gold fell to the lowest since april 2020. the aussie dollar taking a beating as well, a low we have not seen through the depths of the pandemic. we are seeing a lot of risk related currencies, commodities currencies. new zealand has been muted. across future trading, not only in astoria, but in korea -- australia, but in korea, the next hour or so we are seeing a picture of retreat. let's get more with garfield reynolds joining us now in sydney. garfield, there is so much to process at the moment. perhaps not a lot fundamentally has changed. goldman sachs says they think we will be further downsized. that the bear market is not likely over yet. garfield: one of the things about the combination of elevated inflation switching

haidi: geopolitics, a big week for data. president jinping and reports of the sanctions package being pushed against china by the u.s. and possibly the european union as well. agent stocks can go any direction but down. we are seeing indicators downside of 2.3% as we get into the cash trade. we are watching the yield curve after we had the planting, watching the belly, kiwi stocks up by 1.4%. although lead aussie dollar -- although the aussie dollar is holding steady. haidi: consumer prices were pretty hot last month. another historically large interest rate hike from the federal reserve. for more, let us bring in our policy editor, kathleen hays. let me start with you because we did see the headline easing, not as much as expected and the core accelerating as well. >> federal reserve has two federal rate hikes. they have signaled 75 and people are talking about a 100. that is the concern. they have to speed up and get more aggressive. everything is disappointed, the headline cpi is standing at 8.3%. it was supposed to be do

haidi: born pullback is almost 25%. this year is likely to be the year to forget if anyone has been managing money in bond markets. take a look at this chart, we look at 60-40, the return of this trade. at what point do we see these portfolio strategies come back? for a while we were talking about bonds becoming relevant and useful again in a portfolio? daniel: i thought bonds were the riskiest asset in multi-asset portfolios. earnings have actually held up and there is diversity in earnings within the stock portion. rates are almost guaranteed across the board to move higher. i think the danger here is we think it is done. i think there is plenty of downside to go in the bond market. there are some downsides in the equity markets as well. equity earnings are a long way from chris's level collapse. we are going to see some weakness coming along. i think that the fixed income and the credit will actually continue to be some of the bigger draws on portfolios here. equities probably, as relative better toys especially if y

haidi: we're counting down to the asian market opens. asian stocks in currencies may get some rest by. treasuries are getting a break from the brutal selloff. the bank of england intervention is pledging unlimited buying to avert a crash. we are live in tampa, florida. shery: take a look at futures across the board. sea of red as u.s. futures are under pressure after stocks and bonds rallied in the new york session. more optimism and calm given the boe intervention in the markets. the s&p 500 gaining ground for the first time in seven sessions. the dollar is easing from record strength. the 10 year yield is falling. we had oil prices rally. we are seeing a little bit of downside. annabelle: we are charting progress in reaction, the boe intervention stepping into prop up the gilt market, offering to buy an unlimited amount, we are looking at duration to see the reaction, a big move. let's take a look across currency markets because we are at intervention watch. the pboc coming out and saying banks thing to respect the yuan experience in o

haidi: stephen engle with the latest.to come on daybreak asia, this is bloomberg. ♪ shery: here's a quick check of the latest business flash headlines. ford tumbled after warning supply costs are running $1 billion above expectations in the current quarter. they reaffirmed full-year earnings guidance but signal shortages of key parts. ford says it's facing high supply chain expenses. chinese electric vehicle makers are looking to raise as much as $1 billion in an initial share sale in hong kong. five investors have agreed to purchase around $309 million of stocks. the offer should give an indication of investor appetites seen as largely unscathed by the scrutiny of chinese regulators. south korean prosecutors have asked interpol for help in arresting -- blamed for a $60 billion cryptocurrency wiped out. whereabouts are unknown. interpol needs assistant to make an arrest. it can be weeks before notice is issued. haidi: let's take a look at what we are seeing in fx. pretty restrained session when it comes to trading on the

haidi: you -- in korea.: we heard from micron overnight, that forecast suggesting the slump will continue to deepen. do you see what the capitalist will be in terms of a turnaround for this sector? >> there may be still -- to go in terms of fundamentals. recession is not get up on us and develop markets. the markets are looking forward because typically -- stocks with approach -- value or maybe -- [indiscernible]>> also the geopolitical discount because of north korea. they fired a couple of missiles because of kamala harris' visit. southeast asia least geopolitical risk? >> if you look at asia, the areas that have the least geopolitical risk would be southeast asia and india. those are countries that depend on china for trade but also depend on the u.s. want to have a good relationship the u.s., for security reasons. these are markets that are small enough that are not going to threaten anyone also -- anyone. also, indonesia is in the middle of a big covid reopening. we expect reopening to have a positive i

haidi: geopolitics continue to dominate. looking at the latest developments when it comes to russia, we had the u.n. general assembly taking place as well as we continue to barrel towards the party congress in china, we are seeing many comes to russia, officials in all regions setting up these votes. this will be another key issue. shery: geopolitical tensions are really pressuring the markets. i mentioned early how we have seen stocks rally, but we heard from dr. doom signaling perhaps a 40% fall in stocks. what are you watching? guest: [indiscernible] i'm watching [indiscernible] a lot of demand-driven commodity prices will fall. we will start to see a fall in canada, the u.s.. probably not as swiftly -- it's happening, it's going to happen. the u.s. consumer is pretty much tapped out. that can't last forever. we're going to see a little anxiety. the market has been so negative. haidi: for more insight, let's bring in kathleen hays to give us some of those insights. reporter: big division this decision from the fed. we are

haidi: china is the other big unknown.e have the lifting of the quarantine and lockdown in chengdu. what are your expectations and terms of what the covid zero situation looks like after the party congress given it will be the main determinant in how well the economy can recover? >> the lifting of the lockdown in chengdu is good news. that will go a long way to help improve stability in the economy and perhaps get growth rates to improve in the fourth quarter. i still do not see any clear signals coming from policymakers that this targeted covid lockdown policy will change at the end of this year are going into early next year. there are issues that still need to be solved. there are parts of the population, particularly the elderly population where the vaccination rate is quite low, and we know that trend a vaccine is not as effective as other vaccines used elsewhere in the world. the public health system in china is not geared up, the capacity is not ready to deal with any large surge in serious covid cases. these are al

haidi: we are counting down asia's market open. the fed made a third straight 75-basis-point hike and signal more might be ahead. >> the very lowest level of what might be restricted. there's a ways to go. haidi: asian stocks set to follow wall street lower. the bank of japan, investors watching for any expansion of its lending program to promote investments. shery: i special volatile session with investors struggling for direction after we got chair powell's conference. at one point, the s&p 500 was up 1.3% just to end the session lower. tech really taking the brunt of the losses as we have treasury yields rallying. but even treasuries work all over the place. really paring back on most 12 basis points of gains, but still, the deeper inversion across the treasury curve continues, leading to concerns about a potential recession to come. surprising concerns about an economic slowdown leading to oil being pressured. right now below $82 a barrel. haidi: it is really all about what we have seen in the market. the fed raising projection

haidi: what is the outlook for gold?pacting many things come up with -- many things, but we see the short-term reaction in gold prices? simon: the mliv price for gold is $1600 at the end of the year, because of a few factors. first, we don't think it is fairly reflective of all the bad news so far this year. we are after -- we are estimating it is 5% overvalued, 7% overvalued based on various factors that include high interest rates which we expect to go higher. and also, the decline in demand. we are expecting that decline in em -- -- decline in em demand. most factors point two gold prices going lower. the wildcards what happens to the u.s. dollar. there was almost a one-to-one relationship with gold and that is one simple problem if you believe that the u.s. dollar is overvalued at this point. kathleen: we talked earlier about the japanese yen you think the boj will intervene aggressively again to keep it from getting weaker. i keep thinking about china and the yuan, because people have been watching that end we have

haidi: kathleen hays. the dollar's rise is leaving some emerging markets exposed to capital wealth let's bring in mliv contributor garfield reynolds. we continue to talk about how this is different. it is not the taper tantrum. the vulnerabilities of emerging asia are different this time around but there are vulnerabilities there. garfield: definitely, haidi. when it comes to a capital outflows, most markets are seeing capital outflows right now. the question is how well can you cope with that and if you are a developed market by definition, you can cope better with capital outflows because you have your own currency and you don't borrow too much on u.s. dollars, for example but for emerging markets, that is always the concern. what is your -- what does your current account look like? what do your foreign exchange reserves look like? how well can you cope with those outflows? emerging asia has a lot of potentially surprising resilient economies on that basis because they are terrified by what happened back

haidi.: we have been asking some of our guests on how they view the energy crisis, how all that could play into the transition for green tech and more broadly, green investments. take a listen to what they said. >> i think energy has had its run. >> there is a big flow into private infrastructure investing. it increased by 2 trillion over the next five years and a lot of that is focused on finding a solution. >> the biggest issue we face is time not just on the supply chain perspective but parading perspective -- permitting perspective. >> that requires an almost -- en ormous investments. >> we had invested more in energy efficient the and invested more in renewable energy then we would be in a better position than we are now. shery: one of the biggest questions has been whether this will actually accelerate green technology and green investment. some have said yes. others have said no, that some of the short-term measures to mitigate the energy crisis turned into long-term solutions, but at

haidi: three different assessments of risks.gton, what is the bigger political wind in terms of how it deals with russia and beijing? george: politically, a gallup poll recently showed that 67 percent of americans support war. we have political persistence inside the united states. if you are going to drop out of the war and want to get oil, at this point, we do not get much out of the europeans. so the problem on the russian states is that they do not think the -- the russians are afraid that the americans will be on the eastern border of ukraine. the americans are afraid that the russians invade the western border and start to pull more over again. each has a national interest. the united states has better artillery. shery: george friedman, great to have you with us. the founder and chairman of geopolitical futures on his view of russia and explaining that the war continues to weigh on european markets. we saw european markets falling to bear market on friday. we continue to see the pressure on the british pound, u.k. assets t

haidi: the u.s. trading day, we have the latest central-bank action and the markets continue to percolate through all of that. our global macro strategist and policy editor are here with us. when it comes to the overnight session, is there a sense -- or is the market still yearning to see the upside? quarks the fed still wants to see the upside. there's a new phrase going around the street it's called hawkish this. traders believe that we have reached the pinnacle of the fed's hawkish event and while jay powell will continue to push the hawkish mantra, the data will continue to suggest that they have reached the pinnacle and it's time to turn if not pause in the coming months. demand commodities housing, everything look at is starting to come down. i would also argue that the 2% number is something that he just invented and 3.5% inflation is not a terrible thing. haidi: we have a few of the other 20 central banks making their decisions this week. >> what was interesting today was the bank of england.

this is bloomberg. ♪ ♪ haidi: a quick check of headlines.pay $200 million to several allegations it failed to disclose safety issues which -- with its 737. it concludes a pro but whether the software system linked to the 2018 2019 crashes. boeing and his former ceo do not agree to or deny the findings. airbus jets worth $4.8 billion to a china airline union. it will now buy for delivery between 2024 and 2027. the agreement is a -- $37 billion deal for the same jets from four chinese airlines in july. shery: japan has intervened to prop up the yen for the first time since 1998. let's bring in en masse. the yen is praying -- the yen is paying the price. governor cordova has become compassion increasingly isolated. tell us about the macroeconomic picture in japan. >> sometimes he sounds like a guy who just can't handle good news. a long-standing goal of japanese monetary policy has been to get -- above 2%. japanese economy is in a good place relative to some of its peers, but kuroda is stressing there is no walking away from the alternate easin

haidi: boj meetings have become super exciting in the last few months. different take has been what is happening with the chinese renminbi. we are seeing that trade surplus support coming for the chinese yuan. this chart showing how we are seeing the trade surplus hitting records this year already. where is the pboc in here? we are seeing them also keeping the yuan fixing stronger-than-expected for a few sessions already. how comfortable are they? ray: it is hard to know how comfortable they are. what we have seen obviously, we saw that production in the fx reserve requirement ratio announced earlier in the week. that does not seem to have had any impact even though extensively, it frees up foreign-exchange that could be sold for support. we had days of protests in the form of dollar-won fixing rates all to no avail and yet we have the dollar cnh which hit above 6.9 seven tonight so highs there. if the pboc is really determined to stop the breach of that seven level, it will be much more heavy-handed. the fact that we have seen all these various actions

haidi: still ahead, we will talk about the u.s. jobs report. coming up next, we will talk about strategy and these markets. this is bloomberg. ♪ it is setting up for jobs day. looking at u.s. futures. looking mildly positive. we saw a surprising late day reversal taking stocks in the u.s. higher. we are awaiting on the u.s. jobs report. he we sawtek surging. the dow is flat at the moment. semiconductors mixing out on the rally. treasury yields continue to search in anticipation of the data. our next guest says that as long as real rates continue to rise, equities will remain volatile. you get a feeling we are still in process of repricing and finding our footing in this market. where does this land particularly with the degree of uncertainty that remains? >> thank you for having me. we need to wait for the real rates to continue to rise and then stabilize. we had an unusual combination where we had negative real tenure rates for almost two years during the pandemic when the federal reserve cut rates so low and that's not normal. all of us learn

haidi: welcome to daybreak australia. shery: the top stories this hour. u.s. stocks slide with the s&p 500 hovering just above a key threshold. treasury yields klein. -- climb. china's president xi jinping says he and vladimir putin canned -- can inject stability into a chaotic world. the s&p 500 managed to stay just above 3900. it's the lowest level in two months. growth stocks really being pressured. we are also seeing treasury yields climbing but still the two year yield the 2007 hi. the twos intends are deeply inverted. we continue to watch oil prices in the asian session down below $85. we heard from the department of energy about the u.s. emergency crude reserves, but that wouldn't be added until after fiscal 2023 so we are the supply demand picture. where watching fedex plunging. we had the jobless claims numbers falling for five straight weeks. when it came to the retail sales numbers, a surprise to the upside. the previous month july numbers it was revised downward. we also had empire manufacturing numbers. investors have a lot of -- a lot to digest t

haidi: welcome to daybreak australia. >> we are counting down to asia's major market open. shery: the top stories this hour. an ugly session on wall street as u.s. stocks plunge to the lowest in 22 months. traders are betting on more turbulence ahead. haidi: treasuries under pressure as advisors hammer home the news on rate hikes. >> meta is cutting headcount for the first time. >> u.s. futures muted at the open of the asian session after a lot of volatility in the new york session. we are talking 90% both the dow and s&p 500 members moving around. the nasdaq fell almost 4% after we heard from jim bullard talking about how investors in the market are finally realizing that we will see more rate hikes to come in the next few months. we have the 10 year yield rising again resuming the gains after the boe intervention. we have the risk off sentiment also toward oil markets. right now slightly higher about 81 .63 level. it is all about the volatility, the swings and that is affecting the treasury market as well. it we are seeing some signs that the u.s. stock market is flashing

this is bloomberg. ♪ haidi: this is "bloomberg daybreak: asia."wn to asia's major market open as we watch the currency space across asia. the japanese yen at the first 24 year low against the dollar. the korean won, 13 year low. the chinese yuan close to the seven level. surprising even though we have more than 30 cities across china fully or partially under lockdown. paul: in terms of currencies, the aussie dollar weakened yesterday, holding the floor at the moment. after that, the bank of us barely -- australia tightened. none of it really seems to matter in the face of a very strong greenback and ongoing fed tightening. shery: that really is playing into the markets. as we await the japanese market open, policy diverges narrative continues to hammer the japanese yen. 143 is your level against the u.s. dollar. first 24 year low. we see pressure even on japanese stock market. usually you would think you have a weaker japanese yen, exporters being supported. that is no longer the case. we are looking at the 10 year yield. very close to the .25% le

. ♪ haidi: good morning.

haidi: -- haslinda: that's right. joining us now is singapore's minister for trade, kim yong gan .to have you with us. women talking about volatility in the fx space. how disruptive my that play out for trade, for singapore? >> thank you very much. in fact, singapore is seeing significant headwind in the economic outlook for the next couple of months, including next year. this is because of the continued war in the ukraine and russia, as well as the continued supply chain constraints. i think, it will take a while for us to manage and ease the supply chain to allow the economy to grow. trade is an important part in our economic communities. we will continue to focus on how we can help our exporters push exports. we have undergone several rounds of monetary tightening, the dollar remains strong. this is a combat mission. this will also have an impact on our x board -- exporter competitiveness. we are monitoring the situation carefully, and support industries going forward. haslinda: we are seeing a weaker yuan. might a weaker yuan save the world from an inflation crisis? >> well, no

. ™ haidi: good morning and welcome to daybreak australia. annabelle:

haidi: oil is also gaining as germany keeps more nuclear plants open as the gas cut off these european leaders grabbing for emergency energy fixes. we are warns of a possible casualty and bank closures as super typhoons barrel through. that is something we are watching out for, the factories have to hold production in the face of the biggest storms we have seen this year. we are getting ready for the presumption of trade after the labor day holiday. we are seeing some green here up about .5%. some gains here are nasdaq 100 futures as well. things have stabilized at least for now, bond futures in the u.s. are still in the red. crude, two point 5% higher on the back of the opec surprise of cutting production by 100,000 barrels a day. some are hoping for a hold. the cartel is preparing for some sort of price cap on russian oil, $89 for wti. paul: we see the aussie 10 year above three. we have sydney futures pointing higher by .1%. we saw a reasonable gains for the asx on monday. they are setting up some modest gains again today. the girl has been trading for an hour now. -- euro has been