Daily Market Analysis

Market Focus

US equity market is refreshing highs on brightening prospects for a robust stimulus package. The S&P 500 Index once hit 3900 after Treasury Secretary Janet Yellen said the US can return to full employment in 2020 with a robust federal paycheck. Meanwhile, Dow Jones Industrial Index extended its rally to six days, also breaking record high of 31263 points. House Democrats released its first draft for the relief bill on Monday. The first committee vote on elements of Biden’s $1.9 trillion relief package begin on Tuesday.

Coronavirus infections continued to slow as countries are pushing for their vaccine rollouts across the globe, more than 131 million shots were given worldwide. There appears to be another virus mutation in South Africa, patients suffers mild symptom from the new variant. AstraZeneca Plc said they are working on a new shot to combat the South African strain.

Bitcoin gained huge traction and soared to $44860 on Monday as Tesla announced they invested $1.5 billion in the leading cryptocurrency. More importantly, it also said that it will accept Bitcoin as a form of payment in the future.

Market Wrap

Main Pairs Movement

Euro-dollar is little motivated at the start of the week, closed the day up 0.05%. The US greenback was on the back foot against most of its G-10 peers, the dollar index slipped 0.11%. US 10-year treasury yield once hit 1.2%, its highest levels since March 2020.

Gold extended its recovery after investors dumped 2.2% last Thursday, rallied 0.92% near market close. Last week’s plunging has prompted some dip-buying around $1806. Surging copper price also help the precious metal to regain some ground, copper’s future spiked 3.34% in the past two trading days.

Cable pared all of its loss after North America session started price was essentially unfazed. Denial of the negative interest rate from BoE continues to underpin the Sterling. It also benefited from successful vaccination rollout program compare to other developed nation. So far, the country has vaccinated 17% of its population, nearly doubling the US figure.

The Canadian dollar gained 0.18% against the US dollar amid rebounding oil price, the Brent oil advanced above $60 a barrel for the first time in more than a year.

Aussie and Kiwi were the best performers in the G-10 space, rallied 0.31% and 0.35% respectively. The antipodean currencies were supported by renewed risk appetite and rising commodity prices. Iron Ore futures have spiked 5.2% in the past four trading days. Meanwhile, Bloomberg commodity index climbed to highest level since December 2018.

Technical Analysis:

GBPUSD (Daily Chart)

Cable is running into a stubborn resistance around 1.376, which it has failed to conquer in the last three weeks. The pair may struggle to find demand amid recovering US dollar. Intersection between the long term ascending trendline and horizontal support line at 1.352 looks like a good place to retreat if the bulls run out of steam. On the upside, UK’s leading vaccine rollouts could probably lend some strengths to the Pound to break the immediate resistance. Some follow through buying power will push price to 1.3807, highest price not seen since April 2018.

Resistance: 1.376, 1.3087

Support: 1.352, 1.322

EURUSD (Daily Chart)

Euro-dollar bounced upon touching the yellow ascending trendline, but failed to overcome previous resistance of 1.206. It will be interesting to see how price could maneuver in such narrow range. If bidders could manage to regain 1.206, then this pair will find itself back into the bullish trend. However, failed to defend the upward trendline will open doors for wide downside space, which has not been touched since last November. MACD on the daily chart favors the bears, which in turn boost possibilities for a bearish run.

Zooming out to the monthly chart, a retreat towards 23.6% Fibonacci at 1.167 looks quite plausible. Such healthy retreat could be beneficial to long-term bidders as more money printing from the Biden’s administration will continue to favor the so-called reflation trades in 2021.

Resistance: 1.2803, 1.2835, 1.2873

Support: 1.2765, 1.2741, 1.2714

XAUUSD (Daily Chart)

Gold preciously formed a double-top pattern on the daily chart, which usually points to bearish trend. Price has successfully breached the support band between $1839 and $ 1823, but did not quite reach 50% Fibonacci level of $1765. Then some dip buying drives price back to test whether the neck-line resistance is valid. It is currently trapped inside the support band, but judging from Monday’s trading, it’s highly likely this resistance level could block further north move. On the downside, sellers will be eyeing aforementioned $1765 horizontal support. MACD on the daily chart continues to underpin a sustainable bearish trend.

Resistance: 1839, 1872, 1930

Support: 1823, 1765

Economic Data

Dear Client,

Warmly reminds you that the component stocks in the stock index spot generate dividends. When dividends are distributed, VT Markets will make dividends and deductions for the clients who hold the trading products after the close of the day before the ex-dividend date.

Indices dividends will not be paid/charged as an inclusion along with the swap component. It will be executed separately through a balance statement directly to your trading account, the comment for which will be in the following format “Div & Product Name & Net Volume ” .

Please note the specific adjustments as follows:

If you’d like more information, please don’t hesitate to contact [email protected].

Daily Market Analysis

Market Focus

Stocks extended their weekly rally after weaker-than-forecast US jobs data bolstered the case for President Joe Biden’s $1.9 trillion coronavirus relief package. The dollar fell.

The House adopted the budget resolution that cleared the Senate early Friday, paving the way to pass a stimulus bill with only Democratic votes. The S&P 500 climbed to another record in its best week since Nov as every major group, but technology rose. The surge in GameStop Corp. after Robinhood Markets Inc. removed limits on buying the stock did little to repair the videogame retailer’s weekly plunge of 80%. Two-year Treasury note yields matched an all-time low amid a drop across shorter-dated rates.

The recovery in the U.S. labor market disappointed for a second month as modest job growth highlighted the persistently difficult prospects for millions of unemployed Americans. Nonfarm payrolls increased by just 49,000 after a downwardly revised 227,000 Dec decline. President Biden gave the strongest indication yet he’ll push for stimulus without Republican support, saying Friday’s weak economic data show the risk of doing “too little”.

In corporate news, Pinterest Inc. surged as the digital scrapbooking and search company reported sales that topped estimates. In the meantime, Peloton Interactive Inc. sank after saying it can’t keep up with surging demand for its exercise machines and warning that profit will be squeezed.

Market Wrap

Main Pairs Movement

EURUSD is trading around 1.20, up from the lows after the US reported an increase of only 49,000 jobs in January, worse than expected. Investors are eyeing stimulus news from Washington.

USDJPY ran into a widely tracked technical resistance on Friday. The pair tested the 200-Day SMAVG for the first time since June 2020. The SMA located at 105.59 was breached with a move to 105.64, however, the breakout was short-lived.

The AUDUSD is having on Friday the best day in weeks boosted by a broad-based slide of the US dollar and also on the back of a recovery of the aussie. The pair is about to end the week hovering above 0.7665, at the highest level in a week.

It’s been a rough end to what would otherwise have been an excellent week for the US dollar. After soft NFP data, the DXY has fallen all the way back to the key 91.00 level.

WTI is having a strong finish to the week, having rallied as high as $57.00 on Friday. Higher stock prices, US bond yields, and a lower US dollar are all providing tailwinds to the crude oil complex.

Technical Analysis:

GBPUSD (Four-hour Chart)

GBPUSD advances above the 1.3700 price zone and is trading comfortably around 1.3730 at the time of writing. Given that the US economy only gained 49K new jobs, which is below the market expectation, this Non-Farm Payrolls reading undermines the demand for the greenback and gives a boost to the GBPUSD bulls. From a technical perspective, a bearish pressure continues to be supported by the 60-Day SMAVG, but with the recent advances of the Cable pair, a golden-cross is staging. Consider the BoE has dished out hawkish signals on Thursday and the continuation on vaccine rollouts, the bullish trend of GBP is likely to extend. Not to mention the fact that the RSI is currently hovering around 60, indicating there is still room for the pair to advance. If the Cable can find acceptance above the 1.3740 resistance, the next resistance can be seen around 1.3760. On the flip side, if the Cable reverses its ongoing upward momentum, the most immediate cushion is 1.3657, then 1.3606, followed by 1.3568.

Resistance: 1.3740, 1.3761

Support: 1.3657, 1.3606, 1.3568

USDCAD (Four-hour Chart)

After successfully breaking the 3-month bearish trend on 1/27, the Loonie pair has been trading between in a confined range within 1.2835 and 1.2765.

On the last day of the week, the Loonie dipped low despite a disappointing Canadian labour market data as the strength in crude oil and the worse-than-expected US labour data supported the CAD and reversed the bullish trend of the pair, which subsequently pulled the pair back down to around 1.2765 at the time of writing. Technically speaking, the 15-Day SMAVG is supporting the USDCAD, but the 40s RSI is suggesting the market is currently tilted to the seller’s side. If the Loonie can break below 1.2765, the next cushion would be 1.2741 and 1.2714. Conversely, when the pair resumes its bullish run, the buyers must find acceptance above 1.2803 before further advancing towards 1.2835.

Resistance: 1.2803, 1.2835, 1.2873

Support: 1.2765, 1.2741, 1.2714

XAUUSD (Four-hour Chart)

Bouncing back from the three-consecutive day loss, the yellow metal finally regained some upward momentum on Friday, reclaiming $1812 at the time of writing. After the downbeat US labour data was released, the Gold regained some positive traction. However, if the precious metal fails to break above the $1812, the bearish pressure on XAUUSD could persist as indicated by both the MACD and 60-Day SMAVG. Looking ahead, the US Consumer Price Inflation numbers for Jan and a speech from Fed Chair Powell in the upcoming week are closely eyed. If the precious metal can find acceptance above $1812, the next resistance can be found at $1825 and $1834. On the flip side, if the bears outplay the bulls, the most immediate support is seen at $1789, then $1769.

Resistance: 1812, 1825, 1834

Support: 1789, 1769

Economic Data

Click here to view today’s important economic data.

Dear Client,

Please note change of the following some products due to the Eve of Chinese New Year，Chinese New Year，The Fourth Day of Chinese New Year.

If you have any questions, our team will be happy to answer your questions. Please mail to [email protected] or contact the service online.

Dear Client,

New contracts will automatically rolled-over as follow.

Please note:

• The rollover will be automatic, and any existing open positions will remain open.

• Positions that are open on the expiration date will be adjusted via a rollover charge or credit to reflect the price difference between the expiring and new contracts.

• To avoid CFD rollovers, clients can choose to close any open CFD positions prior to the expiration date.

• Clients should ensure that take profits and stop losses are adjusted before this rollover occurs.

If you have any questions, our team will be happy to answer your questions.Please mail to [email protected] or contact the service online.

Daily Market Analysis

Market Focus

Stocks almost wiped out their advance as a drop in technology and retail shares dragged down the Nasdaq 100. Treasuries retreated. Oil climbed. The S&P500 closed with a small gain following its biggest two-day rally in almost three months. Energy and financial shares outpaced tech even after Google’s parent Alphabet Inc. hit a record on stellar results, while Amazon.com Inc. slumped. Banks climbed as JPMorgan Chase & Co. and Morgan Stanley issued bullish calls on the industry. GameStop Corp., the poster child for Redditors looking to squeeze short sellers, and movie-theater chain AMC Entertainment Holdings Inc. rebounded following Tuesday’s plunge. Drug-maker Biogen Inc. slumped after disappointing forecasts.

A widely watched segment of the Treasury yield curve reached its steepest level in almost five years even as the U.S. decided not to increase auction sizes for long-maturity notes and bonds at next week’s quarterly refunding sales. Data showed companies added more jobs than forecast in Jan, while growth at service providers accelerated.

According to Mike Loewengart, the managing director of investment strategy at E*Trade Financial Corp, “There has been a ton of noise in the stock market these past few weeks, so it’s encouraging to see solid economic reads. There may be signs of overextension when it comes to single stocks, but under the surface there is an economy regaining serious momentum.”

Market Wrap

Main Pairs Movement

JPY net long positions had dropped after their recent push to the highest levels since October 2016 which is transpired in the spot market following a breakout of the long-term bearish dynamic resistance.

Demand for the greenback receded, leaving room for the aussie to recover some ground. At the time of writing, AUDUSD trades around 0.7625, looks to snap three-day losing streak.

USDCAD has for the most part stayed below the 1.2800 level on Wednesday, with resistance in the form of the 50-Day moving average at 1.27967 also helping to keep the price action under wraps. Right now, USDCAD is trading in the 1.2760s and eyeing a test of Tuesday lows.

The US Dollar Index, which tracks the greenbaack vs. a bundle of its main competitors, recedes to the 90.15/10 band following earlier 2021 tops aorund 90.30.

WTI surged for a third straight day on Wednesday, rallying from around the $55.00 mark during early European trading hours to as high as the $56.30s in wake of the 14:00GMT crude oil pit open.

Technical Analysis:

EURUSD (Four-hour Chart)

EURUSD continues to dip low on Wednesday amid stronger greenback and better-than-expected US ISM PMI data. In the beginning of the day, the EURUSD traded in a tight range between 1.2050 and 1.2036, but tumbled to the daily low near the psychological support at 1.2000 in the American session. The renewed bearish pressure is largely initiated by the increasing demand for the greenback as the upbeat data published by Eurostat earlier in the day is mostly ignored by the market. From a technical perspective, the 60-Day SMAVG is supporting the current bearish trend of the Fiber. However, as both the RSI is approaching the 30-threshold and the price of EURUSD is closing near the 1.2000 support, it is inferable that a positive correction may be staged in the near future. On Thursday, Retail Sales data from the eurozone and US Initial Jobless Claims are closely monitored.

Resistance: 1.2049, 1.2093, 1.2131

Support: 1.2014, 1.1960, 1.1925.

GBPUSD (Four-hour Chart)

The Cable pair is trading modestly lower on the day after temporarily touching the high of 1.3684 in the early Euro session. The pullback of the GBPUSD was largely due to the two-consecutive day winning DXY, however, despite the better-than-expected US ISM and ADP data, the DXY did not seem to react much to those numbers. This is possibly because the UK data in the service sector is also indicating a strong, resilience comeback. On top of that, since the expected rate cut from the BoE is lifted, the pound is perceived to be relatively strong amid the strengthened greenback. Upcoming post-Brexit meeting are eyed. Technically speaking, the Cable is under a downward momentum, and would likely to remain bearish as the 40ish RSI indicates there are still room for the pair to move lower.

Resistance: 1.3681, 1.3711, 1.3761

Support: 1.3636, 1.3608, 1.3554

XAUUSD (Four-hour Chart)

For the second day in a row, the XAUUSD continues to struggle to find a direction between the close range within $1833 and $1842. Although U.S. President Biden is pushing to go big on the next stimulus package, but his decision only incentivizes a sell-off in bonds and does not help to boost the pricing of Gold. From a technical perspective, the XAUUSD remains under pressure as the 60-Day SMAVG is currently fluctuating above the 20-Day SMAVG. Additionally, if the XAUUSD is able to break below the multiply tested support at $1829, the RSI reading suggests the precious metal would dip further. On the flip side, if the XAUUSD reverses its downward trending pattern, the first resistance can be seen at $1842, then $1858, followed by $1875.

Resistance: 1842, 1858, 1875

Support: 1829, 1818, 1805

Economic Data

Daily Market Analysis

Market Focus

US equities gained traction on Tuesday, the three big indices each rallied nearly 2% amid corporate earnings seasons. Meanwhile, the Reddit frenzy has been cooled off, GameStop Corp. and AMC Entertainment Inc. tanked 56% and 40% respectively. The GameStop rout wiped out $27 billion market value as Redditors leave the party, however, the battle between retail investors and hedge funds may not be over.

The Senate will begin a process that will allow Democrats pass President Joe Biden’s $1.9 trillion proposal without Republican votes, Majority Leader Chuck Schumer said. Although the push to deliver relief package is urgently needed, but a single party vote could somewhat contradict President Biden’s calls for unity during his inauguration.

RBA kept interest rate unchanged at 0.1% on Tuesday, here are the key takeaways from its monetary statement:

Market Wrap

Main Pairs Movement

The US greenback recovered amid rising 10-year US treasury yield reclaim 1.1% on Tuesday. Safe-haven currencies like the Japanese Yen and Swiss Franc were on the defensive as investors are reviving carry trades, both down 0.1% against the dollar.

Gold is falling in sync with significant pullback in silver markets, gold dropped 1.21%. After a sudden surge in retail investor demand for the silver metal subsides, silver price ramped up nearly 19%, refreshing 8 years record high. CME immediately followed to hike margin requirement for silver futures, a move that is said to take some of the froth out of the market. Soon, Redditors realized they are picking the wrong bully, as a result silver price dumped 8% on Tuesday.

Euro-dollar declined 0.2%, to the lowest level since Dec. 1, 2020. The shared currency lagged behind as the EU vaccination program slowly takes place across regions. On the data front, fourth-quarter GDP from the EU Zone declined 5.1% on a year-to-year basis, missing expectation of -4.3%, putting further pressure on the Euro.

The Cable was essentially unfazed at 1.3658. Scotland has extended its current lockdown into early March. The pandemic situation continues to ease in the UK with its government speeding up vaccine immunization. So far, the UK has administered nearly 10 million doses.

Kiwi outperformed its peer Aussie, AUDNZD slipped 0.33%. The Aussie failed to bounce upon RBA’s optimism towards its economic recovery. Falling iron ore prices are dragging down the commodity linked currency, market consensus on reflation trades seems to take a pause from here.

Technical Analysis:

EURUSD (Daily Chart)

Euro-dollar breached a critical support line at 1.206. This level has successfully defended seller’s attack in the last two months, but its strength looks faint this time. We cannot rule out the possibility of a false breakout, Tuesday’s session settled with a long lower and upper wick, which always indicates tentative trading. If the downward breakout is proven to be valid, then the bears will eye for 1.193 support. However, the longer-term ascending trend line is expected to persist as the general dollar weakness theme remains intact throughout 2021. On the upside, it would take a while for the bulls to build up power to march toward 1.233 resistance.

Resistance: 1.206, 1.2333

Support: 1.193, 1.163

USDJPY (Daily Chart)

USDJPY has overcame the long descending trend line that kept price subdued since last March. Bidders cheered the bullish reversal and ramped up 1.5% in the past 5 sessions. The bulls are now eyeing for the 38.2% Fibonacci retracement of 105.4, but given its previous strong rebound, upward momentum is exhausting prior reaching 105.4. Nonetheless, we expect price to at least touch this level within the near term before staging for a retreat. On the south, DMA100 could be supportive if the bulls lose steam. MACD on the daily chart is indicating a sustainable bullish trend.

Resistance: 105.42, 106.72

Support: 104.4, 103.84

XAUUSD (Daily Chart)

Gold is under pressure on Tuesday, slipping from $1865 to $1838, refreshing two-week lows. Despite breaking the ascending trendline from below, the precious metal is still able to find acceptance from $1839-$1822 support band. Weak dollar narrative has been changed recently attributed to rising treasury yield, it would be interesting to see how bidders will react to Gold’s declining price this time around. If they give up the defense line at $1822, then the bears will bring price down to $1765, last seen in November 2020. Conversely, we expect some rangebound trading between $1874 and $1838 if downward momentum looks unconvincing. MACD on the daily chart provide little to no sign of trading direction.

Resistance: 1874, 1930

Support: 1838, 1823, 1765

Economic Data

Dear Valued Client,

In light of the recent volatility in silver markets and increased margin requirements with our liquidity providers, VT Markets has conducted a review of our risk management policies.

Margin changes will be effective from 00:00 3^rd February 2021(MT4 Server Time)

We will be applying margin changes as below:

We would like to advise caution during this period. If you have open positions during the affected period, please be aware that margin requirements to keep those positions open could rise.While we intend to return to normal margin requirements shortly, we will monitor events closely and keep our clients updated.

If you’d like more information, please don’t hesitate to contact [email protected].

Daily Market Analysis

Market Focus

Stocks had their biggest rally in about 10 weeks as several strategies said the recent explosion of speculative buying won’t derail the bull market in equities. In a broad-based advance led by retailers and tech companies, the S&P500 rebounded from last week’s rout as the Nasdaq 100 jumped 2.5%. Amazon.com Inc. and Alphabet Inc., which are set to report earnings Tuesday, climbed at least 3.6%. Tesla Inc. soared after an analyst more than doubled his price target on the electric-car maker, claiming “fireworks aren’t over.” GameStop Corp. tumbled as bearish investors appeared to cover their positions while retail traders flocked to other corners of the market. Silver climbed to an almost eight-year high.

The battle between retail traders and hedge funds is unlikely to cause a significant setback for markets, according to JP Morgan Chase & Co. Major drawdowns have usually occurred when there’s a worse outlook for growth, as well as signs of overvaluation beyond price-earnings rations and credit spreads. Few markets show signs of extraordinary price momentum or excessive leverage.

Market Wrap

Main Pairs Movement

EURUSD pair bounced from the 1.2060 region but fails to break above 1.21. The dollar eases slightly as equities stage a modest comeback as retail investors’ frenzy temporarily cooled. Aussie, on the other hand, finished Monday nearly unchanged as the pair is trapped between the greenback’s demand and rising equities. RBA is expected to keep the monetary policy on-hold, and the market is eyeing its rate decision to be released on Tuesday. USDCAD is higher by around 0.4% on Monday, having rallied from late Asia Session lows in the 1.2760s to current levels in the 1.2820s, up around 50 pips from last Friday’s closing levels in the 1.2670s.

DXY picks up extra pace and trades at shouting distance from the key 91.00 threshold at the beginning of the week. Crude oil prices continue to fluctuate in a relatively tight range on Monday after closing the previous week little changed. A barrel of West Texas Intermediate was up 2.57% on a daily basis.

Technical Analysis:

USDJPY (4 Hour Chart)

USDJPY rose above 105.00 and is trading comfortably above that multi-monthly high price zone. Bouncing back from the worst equity market performance of last week, the market today has seemed to be fueled with investors that are risk positive, which means the safe-haven JPY would lack sufficient demand. Additionally, the greenback has regained some substantial demand as the DXY has risen over the multi-month high of 91.00 despite the upbeat equity market. Given that there will be no major macroeconomic data awaiting to be released on Tuesday that associates with JPY or USD, and that the risk-positive sentiment is likely to persist if nothing major can potentially reverse the ongoing sentiment, it is reasonable to expect the rise of USDJPY would extend.

Technically speaking, the surge of USDJPY is supported by both its 15-Day SMAVG and MACD histogram. However, due to the fact that the RSI for USDJPY has surpassed the overbought region, a downward correction can be expected. On the upside, if the USDJPY can continue to be traded above the 105.00 resistance level, the USDJPY bulls can cap their gains on 105.21 zone. On the flip side, the bears are eyeing critical support levels at 104.62, 104.30, and 104.07.

Resistance: 105.00, 105.21, 105.38

Support: 104.62, 104.30, 104.07

GBPUSD (4 Hour Chart)

GBPUSD topped above 1.3755 in the late European session but gradually tumbled and bottomed at 1.3657 in the American session. Although there is a shortage of fundamental news in the market, it is inferable that the sudden decrease in the GBPUSD pricing may be a result of the bears failing to advance above the key 1.3761 resistance. Given that the 1.3761 resistance is a multi-year high price level, the bulls’ failure to extend the pair’s bullish trend offered the bears an opportunity to place additional short-selling positions that ultimately pull down the Cable’s price. Not to mention the fact that a recent rise in DXY also contributed to the plummet of GBPUSD. From a technical perspective, the GBPUSD is still supported by the 15-Day SMAVG; however, as the RSI is dipping down to the low 40s, the selloff trend in the pair seems to have formed, but the duration may not be too long, and that is because the upcoming BoE Interest Rate decision is expected to be left unchanged, which in turn, can resume the rally of GBPUSD.

Resistance: 1.3731, 1.3745, 1.3761

Support: 1.3693, 1.3645, 1.3606

XAUUSD (4 Hour Chart)

On Monday, the yellow metal has surged extensively from the lows of $1849 and climbed all the way up to $1871.85 amid a strengthened demand in the greenback. Afterward, the XAUUSD pair failed to advance further and remained consolidative between the $1875 and $1858 range. From a technical perspective, the precious metal is under a bearish pressure as indicated by the 60-Day SMAVG. Additionally, because the surge of XAUUSD is heavily relied on the slumping US 10-year yields on Monday, the bullish run of the pair is choppy. This can be found in the pair’s spinning top candlestick patterns and the 50ish RSI reading of the yellow metal. If the XAUUSD can break above the $1875 resistance, the next resistance level would be near $1891.On the flip side, if the XAUUSD reverses its bullish trend, the first cushion of the pair can be found at $1858, followed by $1850, then around $1843.

Resistance: 1875, 1891, 1906

Support: 1858, 1850, 1843

Economic Data

Click here to view today’s important economic data.

Dear Client,

Warmly reminds you that the component stocks in the stock index spot generate dividends. When dividends are distributed, VT Markets will make dividends and deductions for the clients who hold the trading products after the close of the day before the ex-dividend date.

Indices dividends will not be paid/charged as an inclusion along with the swap component. It will be executed separately through a balance statement directly to your trading account, the comment for which will be in the following format “Div & Product Name & Net Volume ” .

Please note the specific adjustments as follows:

If you’d like more information, please don’t hesitate to contact [email protected].