something interesting

<  BACK TO Mr. Markets

Living in the now

Living-in-the-now_FXPIG

Opinion, Sentiment or fact?

In the coming week, the Bank of England will meet to decide on Monetary Policy. This meeting is eagerly awaited by traders who see it as pivotal to the short/medium term fate of the pound since there is high expectation that they will raise interest rates for the first time in over a decade year.

In the grand scheme does it really matter if they hike or not? FX trading is more about opinion than fact. The guys (or gals) who trade medium term (four-hour charts and above) using all means at their disposal, will have looked at those charts and decided based on their opinion about what will happen, and positioned themselves accordingly.  

So, what will be the outcome of the Central Bank’s actions? If they hike will the pound rally? It ought to as it will mean that the interest rate differential will widen between the pound and the common currency and will narrow against the dollar where monetary policy tightening has already begun.  But, and it’s a Kardashian sized but, whether rates will be raised or not has been the major driver for sterling this week!  So, the fact of a rate hike is a single moment in time, but the market spends weeks trading on opinion and sentiment and the merest hint of time on fact.

Get involved

This is where I depart from my trading mantra.

It isn’t an epiphany just a far easier way to get my point across! I doubt this is news to many, but it illustrates perfectly what I am getting at. Charts are the perfect gauge of opinion. That is, in my view, their most basic use to a trader. They reflect perfectly sentiment, opinion and the actual putting your money where your mouth is actions of trading. So, this week, Sterling has reacted to the various macroeconomic releases that have happened but only in the context of how it will affect the Bank of England’s decision next week.  

Then we move to the next fundamental. Since there is a full week to go, an opinion isn’t important, the reading of sentiment is. The basic premise for sterling is; hike up no change down.  But that action has already taken place.

The release of the decision is a driver for next week, but we need to make money this week and it’s created by what I call the “Sunday lunch” syndrome. In the U.K. we make a huge song and dance about those Sunday lunches. A huge piece of dead animal roasting in the oven, a wide selection of vegetables bubbling away on the stove and any number of side accompaniments to eat it with. It takes all morning to prepare and serve then it is all over in about ten minutes.

There is another analogy I use as well, but this is a family show!

But then there is always Brexit.

Talk about opening Pandora’s Box!

David Cameron sits in his country house contemplating. On his mantlepiece (figuratively) is his award as the most divisive politician this country has seen since Margaret Thatcher. In fact, he is probably even more divisive since he sowed the wind and left the country to reap the whirlwind.

The trajectory of Sterling, since the negotiations started and the gulf between the two sides became apparent, is an even more vivid illustration of what I mean, albeit a longer term one. Is there a trader anywhere who doesn't have an opinion on Brexit? There is no doubt that it will either mean a very long (Games of Thrones long) economic winter or an extended period where the economy falls into recession then gradually (very gradually) recovers. Either way, it must be bad for the pound.

Parity is a strange word. Its dictionary meaning is “the state or condition of being equal”. However, in FX terms it is far from that. The Euro fell well below parity not long after it came into being versus the dollar. The pound once flirted with parity also against the dollar. Now, there is a real possibility that the pound will reach parity against the common currency in the aftermath of Brexit.

But why isn’t it already there? That confirms what I already said. All traders have an opinion of where the pound will be after 29th March 2019 or whenever Brexit happens but that doesn’t mean anything when Mario Draghi is confirming just how dovish the ECB is or Donald Trump is getting into another argument with Congress or teasing the market over the next Fed Chair.

Opinion, Sentiment or fact?

In the coming week, the Bank of England will meet to decide on Monetary Policy. This meeting is eagerly awaited by traders who see it as pivotal to the short/medium term fate of the pound since there is high expectation that they will raise interest rates for the first time in over a decade year.

In the grand scheme does it really matter if they hike or not? FX trading is more about opinion than fact. The guys (or gals) who trade medium term (four-hour charts and above) using all means at their disposal, will have looked at those charts and decided based on their opinion about what will happen, and positioned themselves accordingly.  

So, what will be the outcome of the Central Bank’s actions? If they hike will the pound rally? It ought to as it will mean that the interest rate differential will widen between the pound and the common currency and will narrow against the dollar where monetary policy tightening has already begun.  But, and it’s a Kardashian sized but, whether rates will be raised or not has been the major driver for sterling this week!  So, the fact of a rate hike is a single moment in time, but the market spends weeks trading on opinion and sentiment and the merest hint of time on fact.

Get involved

This is where I depart from my trading mantra.

It isn’t an epiphany just a far easier way to get my point across! I doubt this is news to many, but it illustrates perfectly what I am getting at. Charts are the perfect gauge of opinion. That is, in my view, their most basic use to a trader. They reflect perfectly sentiment, opinion and the actual putting your money where your mouth is actions of trading. So, this week, Sterling has reacted to the various macroeconomic releases that have happened but only in the context of how it will affect the Bank of England’s decision next week.  

Then we move to the next fundamental. Since there is a full week to go, an opinion isn’t important, the reading of sentiment is. The basic premise for sterling is; hike up no change down.  But that action has already taken place.

The release of the decision is a driver for next week, but we need to make money this week and it’s created by what I call the “Sunday lunch” syndrome. In the U.K. we make a huge song and dance about those Sunday lunches. A huge piece of dead animal roasting in the oven, a wide selection of vegetables bubbling away on the stove and any number of side accompaniments to eat it with. It takes all morning to prepare and serve then it is all over in about ten minutes.

There is another analogy I use as well, but this is a family show!

But then there is always Brexit.

Talk about opening Pandora’s Box!

David Cameron sits in his country house contemplating. On his mantlepiece (figuratively) is his award as the most divisive politician this country has seen since Margaret Thatcher. In fact, he is probably even more divisive since he sowed the wind and left the country to reap the whirlwind.

The trajectory of Sterling, since the negotiations started and the gulf between the two sides became apparent, is an even more vivid illustration of what I mean, albeit a longer term one. Is there a trader anywhere who doesn't have an opinion on Brexit? There is no doubt that it will either mean a very long (Games of Thrones long) economic winter or an extended period where the economy falls into recession then gradually (very gradually) recovers. Either way, it must be bad for the pound.

Parity is a strange word. Its dictionary meaning is “the state or condition of being equal”. However, in FX terms it is far from that. The Euro fell well below parity not long after it came into being versus the dollar. The pound once flirted with parity also against the dollar. Now, there is a real possibility that the pound will reach parity against the common currency in the aftermath of Brexit.

But why isn’t it already there? That confirms what I already said. All traders have an opinion of where the pound will be after 29th March 2019 or whenever Brexit happens but that doesn’t mean anything when Mario Draghi is confirming just how dovish the ECB is or Donald Trump is getting into another argument with Congress or teasing the market over the next Fed Chair.

lastest Articles

PAMM News
Managed Forex Accounts Daily Results (12.11.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar Flying High on Hawkish Fed Statement
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: Trading Rule #10
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
GBP/USD challenges 1.3000 post-UK data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY retreats further from 5-week tops, at low point of the day
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (08.11.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Technical Analysis: Upside capped by the 200-day SMA at 130.21
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: Trading Rule #9
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Forex Today: US dollar extends post-US election recovery ahead of FOMC decision
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (07.11.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Crude Oil Technical Analysis: Black Gold continues its descent as bearish EIA data sends WTI to $61.00 a barrel
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: Trading Rule #8
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOMC: No urgency to raise policy rates
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY ( 07.11.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold turns higher for the day, up little around $1235 level
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: Trading Rule #7
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Forex Today: US dollar better bid heading into the US mid-term elections
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (05.11.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY (05.11.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: Trading Rule #6
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
FX Today: GBP – a big mover in Asia on mixed Brexit news, focus on UK services PMI
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
It's Time To Fall Back
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Weekly Results (29.10-02.11.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Strong Fundamentals Boost Dollar with US Midterms in Focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY struggles to build on positive move beyond 113.00 handle, NFP in focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: Trading Rule #5
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY (02.11.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (01.11.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: Trading Rule #4
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Gold stages a solid rebound from 3-week lows amid notable USD supply
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY- 01.11.2018
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (31.10.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Breaking News: GBP/USD jumps as Raab says a Brexit deal is expected by November 21
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD – Euro yawns as Eurozone CPI, GDP meet forecasts
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB’s Visco: Widening of Italy-German yield spread reflects the risk of default
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: Trading Rule #3
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY( 31.10.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (30.10.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY (30.10.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: Trading Rule #2
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
EUR/USD still looks to a visit of 1.1315/01 – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Trump offers reprieve to Asia, focus shifts to Eurozone GDP, German CPI
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (29.10.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Cautious start to a Big week ahead, eyes on UK Annual Budget report
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: Trading Rule #1
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 29.10.2018
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar Pays Heavy Price for Equity Sell Off
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (26.10.2018)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/CAD Technical Analysis: Big bears offering Friday surprise as the market is reversing down sharply to 1.3050 level
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Technical Analysis: Bulls keep the trend intact as the Yellow Metal is nearing $1,250.00/oz
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY -26.10.2018
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom:Talk yourself out of bad trades
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (25.10.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
EUR/JPY sticks to modest recovery gains, above 128.00 mark post-ECB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: Judge yourself not by the outcome
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
EUR/USD Technical Analysis: Set-up points to an extension of the bearish trend, ECB awaited
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold turns lower, hits intraday low around $1230
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY recovers a major part of early slide to over 1-week lows, retakes 112.00 mark and beyond
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
Changes on Banking
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
PAMM News
Managed Forex Accounts Daily Results (24.10.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
GBP/USD Technical Analysis: Flirting with a descending trend-channel support, 6-week lows ahead of May's speech
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/JPY struggles near 6-week lows, just below mid-145.00s
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/CAD recovers to 1.3100 ahead of BOC rate hike
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: trading is to play great defense
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
AUD/USD surrenders early gains to levels beyond 0.7100 handle
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY Technical Analysis: Forming a bearish Head & Shoulders pattern on hourly chart
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold: In a sideways consolidation phase, around $1230 level
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (23.10.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
EUR/USD recovery halted ahead of 1.1490
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/CAD – Canadian dollar continues to drift, BoC expected to raise rates
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar Index fades the spike to tops above 96.00
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: your goal is to trade well
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
EUR/USD Technical Analysis: The pair remains capped by the lower 1.1600s
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Brexit: Negotiations continuing – Deutsche Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP futures: neutral so far, further decline not ruled out
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (22.10.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
GBP/USD flirting with lows, back closer to 1.30 handle
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY Technical Analysis: Ascending trend-channel support prospects for additional gains
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Banks, miners led the way higher for FTSE 100
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD reverses course, hits lows near 1.3050 on Brexit anxiety
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Weekly Results (15.10-19.10.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
FOREX WEEK AHEAD
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (19.10.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Gold: bulls making a fresh attempt to build on momentum beyond 100-day EMA
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/GBP rebound seen as corrective only – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Technical Analysis: The cross met support in the 128.30 region. Remains vulnerable
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY clings to strong recovery gains, around mid-112.00s
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD Technical Analysis: Scope for a new visit to 2018 lows at 1.1299
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD struggles near 1-week lows, around 1.3100 handle
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Yuan loses ground after U.S. stops short of calling China a currency manipulator
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD recovers ground and tests 1.1530
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar Index drops to lows near 95.50
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD Technical Analysis: The pair looks negative and could re-visit 1.1299
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (17.10.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
USD/JPY Technical Analysis: Greenback bulls looking for a breakout above 112.55 resistance
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Technical Analysis: Bullish attempts should face initial hurdle at the 200-day SMA at 130.75
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD still points to further consolidation – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold spikes to fresh session tops, bulls eyeing a sustained move beyond 100-DMA
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD keeps focused on 1.3298 – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613