joining us now is kathleen brooks, research director at the trading platform xtb. already, but the question remains whether the ecb will cut again in october and december. what do you expect? is there room to cut rates further? they certainly didn't get any clues from christine lagarde, they aren't willing to pre—commit, no forward guidance and with anything, they sounded and with anything, they sounded a bit more hawkish, less likely to cut interest rates but in terms of the market reaction, it is almost as if they don't believe the ecb. the growth outlook in the ecb is weak, they cut their growth outlook at this meeting as well and we know there are lots of problems in germany so think it is quite natural that the market is expecting the ecb to still cut in october and december this year, even though they have said today they aren't recommitting and i think with the problems in the economy, particularly for germany and its industrial sector which is really facing massive challenges, there has been big problems with the car sector for example this week, i think we