As the markets recalibrate from the recent rate and dollar surge, all eyes this week turn to the US CPI and retail sales data for January, potentially marking a pivotal moment for future rate adjustments. With the Federal Reserve’s rate cut expectations pushed further into the year, the upcoming reports on inflation and consumer spending are keenly awaited for clues on the economic trajectory and its impact on currency markets.
US Economic Outlook: a soft landing?
The upcoming CPI report for Tuesday is expected to reveal a slight deceleration in inflation, with headline inflation anticipated at 2.9% year-over-year, a decline from December’s 3.4%, while core inflation, excluding volatile food and energy prices, is predicted to slow to 3.7% from 3.9%, largely influenced by decreasing used car prices, indicating a gradual path towards inflation normalization. Additionally, retail sales data set to release on Thursday may indicate a slight contraction, with forecasts suggesting a 0.2% drop, potentially due to subdued auto sales, signaling a modest beginning to the year for consumer spending. Despite this, broader economic indicators such as industrial production project an economy expanding slightly above the Federal Reserve’s long-term sustainable rate.
Global context: inflation and growth dynamics
Internationally, the UK’s CPI data and Q4 GDP reports from the UK and Japan will offer additional insights into global inflation trends and economic health. The expected fluctuations in inflation rates, particularly with the anticipated sharp declines in year-over-year comparisons for the UK, eurozone, and Canada, will be critical for currency traders monitoring the global economic pulse.
Implications for currency markets
For currency markets, particularly forex traders at VT Markets, these economic indicators are crucial. A softer-than-expected CPI and weak retail sales could cap US rates, potentially halting the dollar’s rally. Moreover, global economic data will provide further context for the forex market, influencing currency pairs and trading strategies.
As we navigate through these economic releases, traders should remain vigilant, adapting strategies to accommodate the evolving market landscape. The anticipated data not only offers insights into the US economy’s health but also shapes expectations for central bank policies across the globe.
Stay tuned to VT Markets for real-time analysis and insights on how these developments impact currency markets and trading opportunities.
Conclusion: a week of economic revelations
The week ahead promises to be a crucible of economic revelations, with US CPI and retail sales data at the forefront. As we dissect these indicators, their broader implications for interest rate policies, currency markets, and global economic health come into sharper focus. For market participants, these moments are not just about interpreting numbers but about understanding the narratives they weave and the market directions they suggest. In the ever-evolving world of forex trading, such insights are invaluable, guiding strategies in a landscape where precision and foresight are paramount.
Written on February 13, 2024 at 3:37 am, by anakin
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
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Written on February 12, 2024 at 8:36 am, by anakin
Stock futures edged lower on Thursday evening, despite the S&P 500 making headlines earlier in the day by briefly topping the 5,000 mark for the first time during intraday trading, before settling just below this historic level. This slight downturn in futures contrasted with the broader market’s optimism, as the S&P 500 celebrated reaching an all-time high and marked its fifth consecutive week of gains, reflecting confidence bolstered by strong earnings, easing inflation, and a resilient economy. Meanwhile, in currency markets, the dollar saw modest gains, particularly against the Japanese yen following comments from the Bank of Japan’s Deputy Governor. This financial landscape is shaped by mixed earnings reports, with Pinterest experiencing a drop after hours, and anticipation around PepsiCo’s upcoming earnings. The currency market’s dynamics, including movements in the EUR/USD and USD/JPY pairs, underline the global economic intricacies as central banks navigate inflation and interest rate expectations.
Stock Market Updates
Stock futures saw a slight decline on Thursday evening, following a remarkable day where the S&P 500 briefly surpassed the 5,000 mark for the first time in its history during intraday trading. Futures for the Dow Jones Industrial Average fell by 30 points, while S&P 500 and Nasdaq 100 futures both experienced minor drops of around 0.1%. This downturn in futures came after the S&P 500 achieved an all-time high of 5,000.40 during regular trading hours, before closing just shy of this milestone. The index has seen significant growth, adding 1,000 points in nearly three years since it first crossed the 4,000 threshold on April 1, 2021. Factors such as a strong earnings season, easing inflation, and a resilient economy have contributed to a 4.8% increase in the S&P 500 for the year.
Amidst this backdrop of market milestones, the S&P 500 is poised to end the week 0.8% higher, marking its fifth consecutive weekly gain. Similarly, the Dow Jones and Nasdaq Composite are also on track for their fifth week of gains, with increases of 0.2% and 1.1%, respectively. These achievements are supported by robust earnings reports, with 319 companies of the S&P 500 having reported, and 80.6% surpassing analyst expectations, a notable improvement over the typical beat rate of 67% since 1994. However, not all news was positive, as Pinterest shares fell 6% in extended trading due to a disappointing forecast and revenue miss for the quarter, despite a later recovery following an app deal announcement with Google. PepsiCo is also in the spotlight, with its earnings report anticipated before the opening bell on Friday.
On Thursday, the overall market saw a modest increase of 0.06%, with sectoral performance showing a mixed but predominantly positive trend. Energy led the gains, surging by 1.09%, followed by Real Estate and Communication Services, which rose by 0.56% and 0.39%, respectively. Other sectors such as Consumer Discretionary and Information Technology also experienced growth, albeit at a more moderate pace. On the downside, Utilities faced the largest decline, dropping by 0.83%, while Financials and Materials sectors also saw decreases. The day’s trading reflected a varied investor sentiment across different sectors, highlighting both growth opportunities in areas like Energy and Real Estate and concerns in Utilities and Financials.
Currency Market Updates
In the currency market, the dollar index witnessed a modest rise of 0.1%, driven largely by a notable 0.78% increase in the USD/JPY pair. This surge came after the Bank of Japan’s Deputy Governor, Shinichi Uchida, tempered expectations for a significant tightening of monetary policy following the anticipated end of negative interest rates in Japan. Additionally, the dollar received a temporary boost from U.S. jobless claims, which reported slightly below expectations, contrasting with the larger, unexpected increases observed in the previous week. This development aligns with the Federal Reserve’s stance, as indicated by the robust employment figures for January and the ISM services reports, advising against the premature anticipation of rate cuts. Market futures are now pricing in a 64% chance of a rate cut in May, with a total of 116 basis points of easing expected for the year.
In other currency movements, the EUR/USD pair remained steady despite touching earlier lows, finding support at the December and January lows amidst ongoing uncertainty from ECB policymakers regarding the inflation outlook. The reluctance to commit to rate cuts before more data is available—and possibly before the Fed’s anticipated rate cut on May 1—highlights the cautious approach of the European Central Bank. Meanwhile, the USD/JPY’s rally above significant resistance levels, driven by widening Treasury-JGB yield spreads, hints at a potential test of the 150 mark, contingent on upcoming U.S. CPI data. Should inflation figures exceed expectations, it could heighten the probability of revisiting the 32-year peaks seen in 2022/23. The British pound experienced a slight decline but remained above recent lows, amidst comments from BoE’s Catherine Mann advocating for a rate hike and signs of recovery in the UK housing market, contributing to a rise in 2-year Gilt yields.
Picks of the Day Analysis
EUR/USD (4 Hours)
EUR/USD Stabilizes Amid Mixed Signals from the Fed and ECB on Future Rate Decisions
The EUR/USD pair found itself in a stabilization phase around the 1.0770/80 mark as the US Dollar’s early gains dissipated, influenced by a late loss in momentum despite rising US yields. This shift occurred amidst ongoing investor speculation over the Federal Reserve’s potential easing in its May or June meetings, underscored by cautious tones from Fed Chair Jerome Powell and other Fed officials regarding interest rate adjustments. Meanwhile, European Central Bank (ECB) members expressed varied views on the timing of policy rate changes, adding to the currency pair’s uncertainty. Investors now eye the Fed’s next moves with a heightened focus on upcoming inflation data and the ECB’s stance on its policy rate, navigating through mixed signals on the economic outlook and monetary policy directions on both sides of the Atlantic.
On Thursday, the EUR/USD moved flat and was able to reach above the middle band of the Bollinger Bands. Currently, the price is moving just above the middle band with narrower bands, suggesting a potential slightly upward movement to reach the upper band. Notably, the Relative Strength Index (RSI) maintains its position at 50, signaling a neutral outlook for this currency pair.
Resistance: 1.0817, 1.0880
Support: 1.0724, 1.0662
XAU/USD (4 Hours)
XAU/USD Exhibit Modest Losses Amid US Dollar Fluctuations and Economic Indicators
Gold (XAU/USD) experienced slight intraday losses, trading around $2,030 during the Thursday American session, amidst fluctuating US Dollar strength and key economic indicators. Despite a weak Dollar in Asian markets, it regained momentum before Wall Street opened, influenced by the yield on the 10-year US Treasury note, which rose to 4.16% following upbeat US employment data indicating a rise in weekly unemployment claims to 218K. This robust labor market data, alongside Federal Reserve officials’ remarks aligning with Chair Jerome Powell’s cautious stance on inflation, has led market participants to adjust their expectations for potential rate cuts, contributing to the day’s trading dynamics for gold.
On Thursday, XAU/USD moved higher and was able to reach above the middle band of the Bollinger Bands. Currently, the price is moving slightly above the middle band, suggesting a potential upward movement to reach back to the upper band. The Relative Strength Index (RSI) stands at 50, signaling a neutral outlook for this pair.
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
On Wednesday, the stock market experienced notable gains, propelling the S&P 500 tantalizingly close to the 5,000 mark, thanks to strong quarterly results underscoring a robust economy. The index rose by 0.82%, setting a new closing high of 4,995.06, while the Nasdaq Composite and Dow Jones also posted gains, driven by upbeat corporate earnings and the growth of tech giants like Nvidia and Microsoft. Despite the Federal Reserve’s cautious stance on interest rate cuts, investor optimism remained buoyed by signs of resilient consumer spending and positive corporate guidance. Additionally, the currency market saw adjustments ahead of key U.S. economic data, with the dollar index slightly retreating as markets await the upcoming CPI report, potentially influencing future Fed policy decisions.
Stock Market Updates
On Wednesday, the stock market witnessed significant gains, with the S&P 500 inching closer to the coveted 5,000 mark, achieving a new closing high as a result of strong quarterly results that suggest a thriving economy. The index saw a 0.82% rise, closing at 4,995.06, and even touched 4,999.89 at its peak during the session. Similarly, the Nasdaq Composite and the Dow Jones Industrial Average experienced increases, with the Nasdaq up by 0.95% to 15,756.64 and the Dow Jones rallying 156 points or 0.4%, to close at an all-time high of 38,677.36. These gains were propelled by optimistic corporate earnings and significant growth in major technology companies like Nvidia, Microsoft, Meta Platforms, Alphabet, and Amazon.
The market’s robust performance is attributed to a better-than-expected earnings season, strong corporate guidance, and signs of resilient consumer spending despite high-interest rates. This optimism persisted even as the Federal Reserve and its officials, including Chair Jerome Powell and Minneapolis Fed President Neel Kashkari, suggested a more cautious approach towards rate cuts, potentially delaying them longer than investors had anticipated. In addition, the stock market’s advance reflects a growing comfort among investors with the prospect of delayed rate cuts. Meanwhile, other notable movements included a significant rise in Enphase Energy’s stock following positive comments on its inventory situation, Ford’s surge after surpassing fourth-quarter expectations, and New York Community Bancorp’s volatile performance after Moody’s downgrade. The market is also anticipating earnings reports from major companies like Walt Disney, PayPal, and Arm Holdings.
On Wednesday, the stock market showed a positive trend across most sectors, with the overall sectors seeing an increase of 0.82%. Information Technology led the gains with a 1.43% rise, followed closely by Consumer Discretionary and Communication Services, which went up by 1.12% and 0.93%, respectively. Other sectors such as Materials, Financials, Industrials, and Health Care also saw increases, albeit at a slower pace, with gains ranging from 0.26% to 0.81%. The Energy and Utilities sectors experienced minimal growth, with increases of 0.16% and 0.05%, respectively. However, not all sectors fared well; Real Estate and Consumer Staples saw declines of 0.06% and 0.08%, marking them as the only sectors to experience a downturn on Wednesday.
Currency Market Updates
In the currency market, the dollar index saw a minor decline on Wednesday, entering a period of consolidation after experiencing significant gains fueled by robust U.S. employment figures and ISM data. This pause in momentum comes as the market anticipates further disinflationary data before the Federal Reserve considers any rate cuts. The focus now shifts to the upcoming U.S. CPI data scheduled for February 13, which could play a crucial role in shaping future Fed policy decisions. Despite a decrease in the likelihood of a March Fed rate cut, from previously higher probabilities, the market still anticipates substantial easing throughout the year, a scenario that remains more aggressive than the Fed’s own projections.
Currency pairs reacted to these developments, with the EUR/USD pair showing some resilience by posting a modest gain of 0.14%, despite facing resistance at key technical levels. This movement reflects ongoing market adjustments ahead of significant Treasury auctions and amidst mixed signals from Fed officials regarding the pace of future rate cuts. Meanwhile, the USD/JPY pair edged higher, influenced by the dynamics of Treasury yields in comparison to Japan’s relatively stable and low yields. Other currencies, such as the British pound and the Swiss franc, also experienced movements influenced by speculation around monetary policy adjustments and interventions, respectively. As markets brace for the U.S. annual CPI revisions and January’s CPI report, currency traders remain vigilant, gauging the potential impact of these releases on Fed policy and consequently on currency valuations.
Picks of the Day Analysis
EUR/USD (4 Hours)
EUR/USD Rises Amid USD Weakness and Central Bank Signals
As the US Dollar experiences a corrective decline, dipping back to the 104.00 area due to lower US yields and speculations around the Federal Reserve’s potential easing in its May or June meetings, the EUR/USD pair found the opportunity to climb back to the 1.0780 level. This move is further supported by Fed Chair Jerome Powell’s remarks on a cautious approach to interest rate adjustments and Minneapolis Fed Neel Kashkari’s openness to evaluating data before rate cuts, hinting at 2-3 adjustments this year. Meanwhile, the European Central Bank (ECB) Board member Isabel Schnabel highlights the critical phase of monetary policy adjustment in the EU, advocating for prudence amidst challenging economic signals. This juxtaposition of the Fed’s easing potential and the ECB’s cautious stance contributes to the current dynamics of the EUR/USD exchange rate.
On Wednesday, the EUR/USD moved higher and able to reach above the middle band of the Bollinger Bands. Currently, the price is moving just above the middle band with narrower bands, suggesting a potential slightly upward movement to reach the upper band. Notably, the Relative Strength Index (RSI) maintains its position at 49, signaling a neutral outlook for this currency pair.
Resistance: 1.0817, 1.0880
Support: 1.0724, 1.0662
XAU/USD (4 Hours)
XAU/USD Rise Amid Weakening US Dollar and Static Treasury Yields
Gold (XAU/USD) experienced a notable increase, reaching $2,044.64, driven by a combination of Wall Street’s positive momentum and a weakening US Dollar, which struggled throughout the day due to a lack of significant market events. This shift came as investors adjusted their positions following recent announcements from major central banks, which tempered expectations for rate cuts. Despite optimistic remarks from Federal Reserve officials on inflation trends, caution was advised against premature policy adjustments. Concurrently, a decrease in early gains for US Treasury yields, with the 10-year note dropping slightly to 4.09%, contributed to the Dollar’s underperformance, further bolstering gold’s appeal.
On Wednesday, XAU/USD moved higher and was able to reach the upper band of the Bollinger Bands. Currently, the price is moving slightly above the middle band, suggesting a potential upward movement to reach back to the upper band. The Relative Strength Index (RSI) stands at 52, signaling a neutral outlook for this pair.
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
Sydney, Australia, 7 February, 2024 – VT Markets, a leading global multi-asset broker, is proud to announce Financial Commission (FC) approval, marking a robust start to the year 2024. By achieving the status of an Approved Broker Member of the Financial Commission, VT Markets elevates its commitment to providing clients with enhanced services, including protection by the Commission’s Compensation Fund for up to €20,000 per case. The Financial Commission, recognized as a renowned independent external dispute resolution (EDR) forum, specializes in addressing concerns within the FX and CFD trading sphere.
The Financial Commission serves as a vital platform, offering unbiased third-party mediation for broker member firms and traders, particularly in situations where direct resolution is challenging. Highlighting its commitment to delivering a fair and efficient dispute resolution process, the Financial Commission facilitates prompt resolution for both approved members and their clients engaged in CFDs, forex, and cryptocurrency markets.
VT Markets, with a steadfast dedication to offering the highest level of service, is excited about the new opportunities this membership brings. The recognition as an Approved Broker Member, effective from January 30, 2024, underscores VT Markets’ commitment to upholding industry standards and ensuring that traders receive services of the highest quality.
In addition to solidifying its position with the Financial Commission, VT Markets continues to innovate and expand its offerings. The company is poised for further growth in 2024, with plans to explore and extend services to additional markets. Traders can expect continued excellence and a broadened range of opportunities with VT Markets.
About VT Markets:
VT Markets is a regulated multi-asset broker with a presence in over 160 countries. To date, it has won numerous international accolades including Best Customer Service and Fastest Growing Broker.
In line with its mission to make trading accessible to all, VT Markets currently offers unfettered access to over 1,000 financial instruments and a seamless trading experience via its award-winning mobile app.
On Tuesday, the stock market witnessed modest gains, driven by positive corporate earnings and the investors’ assessment of future Federal Reserve rate cuts. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all saw increases, with standout performances from Palantir Technologies and Spotify Technology after reporting strong quarterly revenues. Despite the optimism from earnings, Federal Reserve Chair Jerome Powell’s remarks have cooled expectations for an immediate rate cut, hinting at a possible delay. This cautious optimism was mirrored in the currency market, where the dollar dipped slightly amidst varying signals from Fed officials and global economic updates. Notably, Treasury yields corrected after a recent surge, influencing currency movements and reflecting the market’s nuanced reaction to inflation concerns, Fed policy expectations, and international economic indicators.
Stock Market Updates
On Tuesday, the stock market experienced gains as investors weighed the latest corporate earnings against expectations for future interest rate cuts by the Federal Reserve. The S&P 500 saw a slight increase of 0.23%, closing at 4,954.23, while the Nasdaq Composite edged up 0.07% to 15,609.00. The Dow Jones Industrial Average experienced a more notable rise, adding 141.24 points or 0.37% to finish at 38,521.36. Significant movements were observed in individual stocks, with Palantir Technologies soaring nearly 31% after reporting a revenue beat for the fourth quarter. Similarly, Spotify Technology’s shares climbed almost 4% following its earnings report, which exceeded expectations and showed an increase in Premium subscribers.
Despite the positive momentum from robust earnings among technology giants, recent comments from Federal Reserve Chair Jerome Powell have tempered expectations for an imminent rate cut. Powell suggested that any potential rate reductions might occur later than the market had hoped, pushing back against the anticipation of a March rate cut. This adjustment in expectations comes as the market sees narrow leadership, raising concerns about the sustainability of the current rally without broader market participation. As the earnings season reaches its midpoint, notable companies such as Amgen, Chipotle Mexican Grill, and Ford are poised to release their financial results after the market closes, potentially influencing future market movements.
On Tuesday, the overall market saw a modest increase, with all sectors combined going up by 0.23%. The Materials sector led the gains with a notable rise of 1.71%, closely followed by Real Estate and Health Care, which went up by 1.49% and 1.09%, respectively. Industrials also saw a healthy increase, up by 0.89%. Other sectors such as Consumer Discretionary, Energy, Utilities, Financials, and Consumer Staples saw more modest increases, ranging from 0.37% to 0.23%. In contrast, Communication Services and Information Technology experienced declines, down by 0.21% and 0.48% respectively, indicating a mixed performance across different market areas.
Currency Market Updates
In the recent currency market updates, the dollar experienced a slight decline, losing 0.25% against a basket of currencies. It marked a correction following its sharp gains fueled by inflationary pressures evident in U.S. jobs and ISM services reports. This movement in the dollar index was accompanied by a retreat in Treasury yields, which had previously surged but encountered resistance, leading to a correction. The EUR/USD pair managed to recover from early losses, finding support at December’s lows, as the correction in Treasury yields eased the upward pressure on the dollar. This shift comes amid a backdrop of no significant U.S. economic releases, except for the New York Fed’s report on Q4 Household Debt and Credit, which highlighted increasing credit stress among the less creditworthy, even as overall delinquency rates remained lower than pre-pandemic levels.
Further influencing the currency markets, Treasury Secretary Janet Yellen expressed manageable concerns over commercial real estate, while Federal Reserve Bank of Cleveland President Loretta Mester indicated a possibility of gradual rate cuts if inflation continues to decline. The EUR/USD pair also received a boost from a significant rise in German industrial orders, notably influenced by a surge in aircraft orders, despite the broader data suggesting a more nuanced picture. Other currencies like the Sterling saw gains against the dollar, buoyed by improved UK PMI figures and a more risk-friendly market atmosphere, partly due to positive movements in Chinese equities. Meanwhile, the USD/JPY pair corrected after a rapid rise, influenced by Treasury yield adjustments and shifting expectations regarding Fed rate cuts and potential monetary policy adjustments by the Bank of Japan, highlighting the global interconnectedness of currency movements and monetary policies.
Picks of the Day Analysis
EUR/USD (4 Hours)
EUR/USD Outlook Amidst US Dollar Fluctuations and Central Bank Decisions
As the US Dollar’s demand declines, the EUR/USD pair may see fluctuations influenced by recent central bank decisions and US economic data. With the Reserve Bank of Australia maintaining a cautious stance and the possibility of delayed rate cuts by the Federal Reserve, investor sentiment shifts, impacting bond yields and the USD’s appeal. Additionally, remarks from Federal Reserve officials, including Loretta Mester, could further influence market dynamics and the EUR/USD trajectory, amidst a lack of significant macroeconomic releases.
On Tuesday, the EUR/USD moved flat between the lower and middle bands of the Bollinger Bands. Currently, the price is moving just below the middle band with wider bands, suggesting a potential upward movement to reach the middle band. Notably, the Relative Strength Index (RSI) maintains its position at 42, signaling a neutral but bearish outlook for this currency pair.
Resistance: 1.0817, 1.0880
Support: 1.0724, 1.0662
XAU/USD (4 Hours)
XAU/USD Recovers as US Dollar Demand Weakens Amid Central Bank Caution
Spot Gold (XAU/USD) experienced a recovery on Monday, trading near an intraday high of $2,038.17, as demand for the US Dollar waned following global central bankers’ hints at maintaining current monetary policies, contrary to earlier investor expectations for tighter monetary conditions. This shift came after the Reserve Bank of Australia signaled a possible continuation of rate hikes if necessary, aligning with cautious sentiments from other central banks. Despite strong US macroeconomic data supporting the Dollar and boosting government bond yields, a subsequent rally in bonds and a retreat in yields by Tuesday signaled a market repositioning that favored Gold. This adjustment occurs in a week’s light on macroeconomic announcements but with anticipated comments from Federal Reserve officials, including Loretta Mester.
On Tuesday, XAU/USD moved higher and was able to reach the middle band of the Bollinger Bands. Currently, the price is moving slightly below the middle band, suggesting a potential upward movement to reach the upper band. The Relative Strength Index (RSI) stands at 51, signaling a neutral outlook for this pair.
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
