Weekly Sentiment Paper Distributed by: One Financial

For the Week of: 08/24 through 08/30 Written by: Andrei Wogen

Email: anewr8@gmail.com

Week in Review! 1

Australian Dollar! 2

New Zealand Dollar! 3

Japanese Yen! 5

China Renminbi; Onshore, Yuan! 7

Euro Area: Euro! 9

British Pound! 11

Canadian Dollar! 13

United States Dollar! 14

Emerging Markets! 17

Upcoming Data for the Week! 18

Week in Review

• UK CPI falls more than expected putting less pressure on the BoE going forward even as….• ….the Bank of England meeting minutes showed two of its members dissenting and voting to

raise rates during their most previous meeting; rate hikes are getting closer……though concerns remain among the majority still

• US CPI comes in flat; markets happy that inflation seems to be contained right now• FOMC Meeting Minutes show a more hawkish stance than expected; USD rises in response• China Manufacturing PMI comes in lower than expected raising expectations of a rate cut

coming from the PBoC• Yellen at Jackson Hole reiterating current stance on economy and jobs market and rates; USD

rises in response• Draghi at Jackson Hole sounds a bit more optimistic...confident in measures implemented in

June will help and that low inflation is due to temporary factors

Australian DollarMain Longer-Term Themes

• Neutral RBA that wants to do nothing with rates at this time; now sees rates at current levels as the appropriate place to foster growth

• China economy that continues to show weakness • An Australian currency that, according to the RBA, is high by historical standards• domestic economy that is weak in some sectors while strong in others• risks surrounding the latest Australian budget• Recent cut in the carbon tax that is expected to lower inflation going forward • mining investment that continues to be weak and is expected to be weaker• falling commodity prices • low risk environment providing support for higher yielding assets, including AUD• Consumer Confidence that has recently began to rise after bottoming after the

current budget was released• CFTC net long positions increased by 7K

Main Themes of Last Week • CB leading indicator coming in above previous readings; six of the seven sub-

indicators higher• RBA Gov. Stevens speech shows an overall neutral tone with a bit more jawboning

of the currency • Westpac leading index lower than previous• RBA meeting minutes pretty much the same as previous minutes; sees Q2 growth

below trend while also continuing to voice their concerns about the high AUD valuePrice Action and Order Flow of the AUD During Previous Week: vs. the USD, it rose

about 10 pips. Versus the JPY it rose about 150 pips for the week and versus the NZD it gained about 120 pips.

Overall Sentiment at the End of Last Week: the overall neutral sentiment was reinforced to the positive side as domestic events were carried few negative surprises and AUD gained overall, including in new long positions taken.

The Week Ahead and Other Thoughts: this week, things continue to be quiet on the data front. Focus could though likely shift to Q2 GDP coming next week which will be a key indicator of the health of the Australian economy and will help along or dash expectations of a rate cut coming from the RBA. The market currently is pricing in about a 50% chance of a rate cut by the RBA within one year. But this week, we will have Construction work done number on Tuesday and then HIA New Home sales and Private Capital Expenditures on Wednesday. Overall though, should be a pretty quiet week out of Australia. Looking at the charts for the week, AUD/USD has bids at 0.92300 and then offers reside at 0.93200 and then again in larger size at 0.93400. In AUD/NZD bids remain strong at 1.1050 and then again at 1.100 while offers are strong above at around the 1.11000 level. In AUD/JPY offers are at about the 96.90 level with bids at about the 96.50 level. AUD/JPY seems to have broken a medium-term level of resistance with room to run to the upside.

New Zealand DollarMain Longer-Term Themes

• Increasing immigration• housing and construction boom that is continuing though is now showing some

weakness • rate hike cycle beginning from the RBNZ but that is now on pause through at least

December….maybe longer• recent and current NZD weakness due to domestic weakness and international

developments helping to push the currency lower, mainly stronger US data and geopolitical risks

• RBNZ that is currently on hold after rising rates consistently since March of this year; also sees the NZD as too high and has recently mentioned intervention and also continues to be bullish on the economy and continues to see inflation risks

• dairy prices continuing their fall • some falling business activity and consumer spending within the country as

growth seems to possibly be leveling off someMain Themes of Last Week

• RBNZ Inflation expectations fall for the third quarter• PPI for Q2 in lower than expected and in negative territory • Visitor Arrivals climb as do migration levels; climbing migration levels will likely

give the RBNZ one of the reasons in needs to hike rates• Milk prices fall but not as much as previous; seems the fall in milk prices might be

leveling off now• CFTC net long position cut by 1K

Price Action and Order Flow of the NZD During Previous Week: vs. the USD it fell about 80 pips and vs. the JPY it closed about 50 pips higher.

Overall Sentiment at the End of Last Week: the overall neutral sentiment was slightly reinforced to the downside this week as data overall was negative and the Kiwi ended mixed versus its peers for the week.

The Week Ahead and Other Thoughts: Data this week is thin. Trade balance data for July is on Monday while ANZ Business Confidence numbers will be released on Wednesday. On Thursday, Building Permits data will be released which will be interesting to see the future health of the real estate market in New Zealand. Recently, concerns have been surfacing of a slowdown beginning in the housing market in New Zealand and so continued strong building permits data should help ease these concerns. Other than that, there is nothing else of interest. Next week’s milk auction will garner some interest but leading up to that there is little from New Zealand to really give the NZD any sort of big moves.As for the charts, NZD/USD has bids at the 0.83400 level and offers reside at the 0.84300 level and then again around the 0.84600 level with even larger ones that will likely come into play at about the 0.85000 level. NZD/JPY has bids at 87.050 and then again at 86.300 while offers in decent size reside between the 87.500 and the 87.600 level.

Japanese Yen Main Longer-Term Themes

• expectations that the economy will be able to continue to grow even after the recent tax hike though these expectations are waning now as data continues to show some weakness

• the BoJ that is overall optimistic on future economic growth in Japan though has continues to voice concerns about the continued weakness in exports as well as recently voicing concerns about the drop off in consumption post-tax-hike; and they will continue to implement their QE until inflation reaches their 2% target

• government policy changes that are slow to materialize and be implemented • growing expectations that the BoJ will not increase their QE program as early as

expected though with a weaker looking economy now these expectations are increasing• continued on and off of risk on as geopolitical events continue to be a background

(and this week, foreground) theme for the markets (Ukraine/Russia, Iraq, Israel)• weak Japan export sector that seems to be still continuing to be weak overall,

regardless of expectations that this sector would improve Main Themes of Last Week

• Trade Balance data not as negative as previous; exports and imports surprise to the upside though, both encouraging things but really not sign yet of a reversal of the recent export weakness in my opinion

• All Industry Activity index lower than expected and previous and continues to be in negative territory

• Manufacturing index higher than expected and previous showing strength in this sector of the economy

• Machine tool orders higher than previous• CFTC short positions increased by 6K

Price Action and Order Flow of the JPY During Previous Week: vs. the USD it fell about 160 pips, versus the EUR it fell about 57 pips; versus the GBP it gained about 95 pips and versus the CAD it fell about 93 pips.

Overall Sentiment at the End of Last Week: the overall sentiment that is neutral to negative was reinforced on the negative side as developments elsewhere helped push the Yen lower and bets for more QE coming from the BoJ are increasing.

The Week Ahead and Other Thoughts: This week, CPI data for July, released on Tuesday, will be the important data to watch. Though, since the BoJ continues to be committed to their QE program, unless inflation rises or falls by a significant amount, inflation as it is right now will not cause the BoJ to change course especially since it is still a full 0.7% lower than their 2% target when taking out the effects of the April tax hike. Things to watch then from Japan will be in terms of how the economy is performing. This week therefore, Industrial Production and Retail Trade data on Tuesday will be released. Weakness has been seen lately in the industrial sector so a rebound will be looked for. On Wednesday, final reading of Nomura/JMMA Manufacturing index will be released while on Thursday Annualized Housing starts and Housing Start will be released as well as Construction orders. Looking at the charts, CAD/JPY bids reside at about the 94.500 level and offers reside at the 95.10 level. GBP/JPY has bids at 171.60 and then again at around the 170.600 level while offers reside strongly at the 172.600 level. In EUR/JPY bids reside at 137.300 with more down around the 136.750 level while offers reside strongly at about the 138.00 level where there is an option barrier as well. And in USD/JPY offers reside at 104.200 with more that will likely come into play at around the multi-month high of 105.43 while bids reside at 103.50.

China Renminbi; Onshore, Yuan Main Longer-Term Themes

• property market that is quite strong and considered by some to be near bubble territory

• a government that is pushing through reforms to reform the overall economy (moving to a freer, more market controlled economy) but that are expected to slow growth going forward

• PBoC that continues to initiate two-way action in the Yuan exchange rate; also is reluctant to push through any more policy easing measures at this point

• Expectations gaining of a rate cut coming from the PBoC soon• weak manufacturing sector • services sector that now looks weaker• consumer demand that seems to be doing okay after a slow start to the year

though not very strong yet• weak economic conditions overall that may or not be turning a corner and

getting better...hard to tell at this point• Chinese gov’t that is pushing through targeted reforms and stimulus (cut in

the reserve ratio for certain rural banks, target infrastructure projects, etc.); these stimulus measures seem to be having their intended effect as the economy in China seems to be improving after a slump during the beginning of the year

• Chinese gov’t that is targeting corruption cases, trying to deal with corruption that is rampant throughout the economy and government

• Inflation that remains weakMain Themes of Last Week

• HSBC Manufacturing PMI lower than expected but still above the expansion level of 50 for third straight month

• Expectations rising now of a rate cut coming from the PBoC as manufacturing continues to remain weak, real estate prices continue to fall and loan growth seems to have weakened

• Two banks in China releases their quarterly results; both show a rise in the amount of non-performing loans….could be a sign of what is to come?

• House price climb slows • Foreign Direct investment falls into negative territory for June

Price Action and Order Flow of the CNY During Previous Week: the Yuan fell versus the USD this week by 4 pips, reversing a downtrend that has lasted since about the beginning of June.

Overall Sentiment at the End of Last Week overall sentiment of the Yuan remains in neutral to slightly positive territory and this week the neutral side was reinforced as domestic data disappointed and the Yuan gained slightly, about 26 pips, versus the USD.

The Week Ahead and Other Thoughts: This week, the only data will be CB Leading Economic Index data for July; a small and insignificant piece of data overall. However, my focus will be increasingly on more news of additional banks showing an increase (or decrease) of non-performing loans that are present on their balance sheets. A continued rise in this number overall and the China bears will come out to play again especially those who are worried about their property market, including myself.

Euro Area: Euro Main Longer-Term Themes

• economy that continues to remain weak though with some improvements across different sectors and regions of the Euro Area beginning to show but mostly weak overall with expectations of lower growth going forward

• a dovish to neutral central bank; that is expected will ease further in a coming meeting, likely by initiating ABS purchases

• a strong currency that seems to now be willing to fall though there are still some underlying drivers helping to prop it up...mainly emerging market central banks rotating out of USD and into other currencies, especially the Euro, as they build up their reserves again as well as continued debt buying of euro zone countries

• geopolitical risks from Russia/Ukraine tensions that continue to linger in the background and that are causing some weaker growth in some areas of the Euro Zone due to sanctions

• peripheral country bond yields that continue to fall in a hunt for yield as well as due to worries about future Euro Zone growth

• Bond yields across the Euro Zone continuing to fall; 2-year German Bund falling into negative territory a couple of weeks ago and 10-year continues to hit all-time lows this week reaching below 1% for the first time ever for a brief time

• high unemployment; though this seems to be falling slowly now• weak inflation across the Euro Area

Main Themes of Last Week • Euro Zone Trade balance data better than expected

• German PPI lower than expected and in negative territory for m/m data• Euro Zone Construction output lower than previous and in negative territory • France and Euro Zone Manufacturing PMI lower than expected • Euro Zone Composite and Services PMI both lower than expected• German Manufacturing Services and Manufacturing PMI better than expected

giving an encouraging sign of future German growth • Euro Zone Consumer Confidence lower than expected • Draghi speech at Jackson holesounds a bit more optimistic...confident in

measures implemented in June will help and that low inflation is due to temporary factors

• CFTC net short positions increased by 13KPrice Action and Order Flow of the EUR During Previous Week: vs. the USD price it fell

about 150 pips for the week and versus the AUD it fell about 165 pips. Overall Sentiment at the End of Last Week: the overall neutral sentiment I have changed

this week to officially NEGATIVE sentiment in the wake of continued weak data, but also more importantly, a Euro currency that seems to have (finally) broken down and seems to want to continue its move lower now.

The Week Ahead and Other Thoughts: This week, it is a full one for data. Starting on Monday, German IFO Business Climate and Current Assessment numbers are due which has some decent downside risk, in my opinion. On Tuesday, Prelim German CPI numbers will be due and which will be used to price in expectations for the CPI release later in the week. Then on Thursday, German Unemployment data from August will be released as well as Euro Zone Money Supply and Spain’s HICP number and Portugal and Belgium’s CPI numbers. Then on Friday, Euro Zone CPI numbers will be released and will be paid attention to, as usual. Any lower inflation numbers and the ECB will have to ease sooner rather than later in order to avoid complete and prolonged deflation along with stunted growth. Charts this week show EUR/AUD offers at about the 1.43500 level while bids reside at about the 1.41100 level and then again near the multi-month low of 1.40499. EUR/USD bids reside just above the 1.3200 level, where an option barrier resides at as well while offers reside at 1.33300 and then again at the 1.34500 level.

British Pound Main Longer-Term Themes

• economy that continues to improve though lately has been showing some weakness though this was, in part, expected

• neutral central bank that is increasingly becoming more hawkish, but very slowly

• expectations that have been scaled back some in terms of when the BoE will raise rates; but expectations still remain overall for beginning of next year

• a strong housing market that has been a concern by the BoE and UK gov’t in the past...whether it is slowing or not is hard to tell right now

• Scottish independence vote in the background right now; will increase in importance as a something to watch as the September 18th vote approaches

• recent lending restrictions and other small restrictions for lending to help tame the housing market though prices continue to rise

• Pound Sterling currency that has turned more negative now; market seems to have gotten ahead of itself some in its expectations for BoE rate hikes….this is being reflected in the GBP right now

• Weak wage growth• Overall strong employment sector though room for improvement remains• Weak export sector being driven mainly by a stronger Pound

Main Themes of Last Week • BoE meeting minutes show Weale and McCafferty dissenting and voting for a rate

hike, due to the reasons: fall in unemployment and survey evidence of tightening in the labor market could lead to a pick up in wage growth, erosion of spare capacity could likely remain rapid, policy would remain supportive even after a 25bps hike, and delaying a Bank rate increase might increase the risk associated with the first hike

• However, the majority still cautious in raising rates due to low inflation and spare capacity remaining in the economy, among other things

• UK CPI lower than expected falling even more into negative territory for m/m data

• PPI lower than expected• Retail Sales data lower than expected showing a slowing in consumer demand

however ex. Fuel m/m was a bit higher so may not be so bad after all• 10-year bond auction shows still lower yields• CFTC data that increased by 6K

Price Action and Order Flow of the GBP During Previous Week: vs. the USD it fell about 160 pips and versus the CAD it fell about 82 pips.

Overall Sentiment at the End of Last Week: the overall neutral sentiment was reinforced to the negative side more this week as the central bank pushed back the timing of rate hikes into next year (according to most analysts) and domestic data was weaker and the GBP fell against most of its major peers.

The Week Ahead and Other Thoughts: Data this week is pretty thin. We will have M4 Money Supply, Mortgage Approvals, Net Lending to Individuals and GfK Consumer Confidence all on Wednesday and Nationwide Housing price data on Thursday and then Total Business Investment on Friday. The two data sets of interest this week for me will be Total Business Investment and House price data. With the majority of the BoE still seeing slack in the economy, and business investment being part of that, any higher that this number goes and the members will very likely be rethinking their assessment sooner than they thought however if business investment remains weak or falls from here, the majority within the BoE that does raise rates will continue to have the upper hand for a while. The second piece of data, the Nationwide price house data, will be of interest too as the housing market continues to remain strong and prices continue to climb higher with no real good sign of retreating yet. Looking at the charts, GBP/CAD has bids at about the 1.81200 level and then again at 1.8090 while offers reside at 1.82400 with more at 1.82600. GBP/USD has bids at 1.6550 and offers at 1.6600 and then again at the 1.66800 level.

Canadian Dollar Main Longer-Term Themes

• economy that is weak in certain sectors but also strong in some sectors, particularly the housing sector

• a dovish central bank• a relatively mixed to slightly positive Canadian Dollar • mixed to slightly positive US economy that is gaining strength • strong housing market • limited domestic demand and limited pent-up domestic demand• Slow employment and wage growth• CPI that has recently risen closer to the BoC’s target

Main Themes of Last Week • Wholesale Sales lower than expected and previous• CPI lower than expected giving credence to what the BoC has stated before about

the CPI...that it is just noise• Retail sales higher for July both headline and core• CFTC net long cut by 11K; a sizable drop

Price Action and Order Flow of the CAD During Previous Week: vs. the USD it closed about 65 pips lower.

Overall Sentiment at the End of Last Week: the overall mixed to negative sentiment was reinforced on the negative side as key CPI data cut significantly any expectations of a future BoC rate hike coming due to improved economic conditions due to a more robust US economy.

The Week Ahead and Other Thoughts: Little data out of Canada too this week (notice the theme here?). GDP on Friday for June will be the most important piece of data for the currency. Overall, growth has been okay month-over-month since the beginning of the year so will be interesting to see if this continues going forward. There is a good chance it will given the US’s continued good growth and this could leave the BoC in a bit of a conundrum in terms of

what they decide to do with rates going forward. The Other data from Canada that is minor is Raw Material Price index and Industrial Product Price also on Friday and Current Account data on Thursday. As for the charts, USD/CAD bids are at about the 1.09200 level while offers reside at 1.09600 and then again in larger quantity at about the 1.099000 level.

United States Dollar Main Longer-Term Themes

• economy that is mixed though now improving from a very weak first part of the year though concerns remain

• housing market that seems to be doing better now...maybe• a neutral US Fed that seems to be now turing increasingly hawkish though

they still see problems remain• expectations for a rate hike that is mixed but generally expected by the

middle of 2015

• Yields on US debt that continue to fall, though this has been blamed on continued geopolitical risk that continues in the background

• Fed tapering their QE program; plans on ending in October of this year with a final $15B taper

• A weak government that is doing little to help support and grow the economy 

Main Themes of Last Week • Overall a positive week on the data front….• NAHB Housing market index higher than expected• Building Permits higher than expected and previous showing a brighter future for

the real estate sector of the country• CPI comes in pretty much as expected with only m/m Core CPI falling just a tad;

markets seemed happy though that inflation remains contained at this point near the Fed’s target level

• Housing starts higher than expected• Redbook a little lower than previous• MBA Mortgage Apps. Higher than previous week• Initial Jobless claims lower than expected, once again falling below 300K• Manufacturing PMI higher than expected• CB Leading indicator higher than expected• Existing home sales much higher than expected• Philly Fed Manufacturing better than expected• FOMC meeting minutes show a more hawkish slant with some feeling that a

relatively prompt move in terms of raising rates is warranted, most see downside risks to inflation as diminished and many FOMC members felt the characterization of “significant” labor market slack may have to change before long; however overall the majority still want to see more evidence of a strong economy through the data before raising rates

• Yellen at Jackson Hole gives pretty much the same speech as she has given before; still unclear on the degree of slack in the labor market and how quickly it will disappear; QE will be finished in October; slower progress on goals may delay rate increase; sees room for wage increases that do not boost inflation; tightening policy too soon as inflation moves towards 2% might prevent labor market from fully recovering; emphasis shifting to determining what labor conditions would bring about less accommodation; so overall a less dovish tone from Yellen and so the USD was bought

• Overall the Fed is moving closer to a rate hike, if ever so slowly but in a more determined way

Price Action and Order Flow of the USD During Previous Week: Versus the PLN it closed about 400 pips higher. Versus the MXN it closed 650 pips higher and versus the TRY it rose about 130 pips.

Overall Sentiment at the End of Last Week: the overall mixed to slightly positive sentiment was reinforced on the positive side due to domestic data that continues to show an improving economy and due to a more hawkish Fed. Sentiment in my opinion is moving closer and closer to positive. The main thing I want to see is a more hawkish Fed; one that is not so hesitant in calling things as they are and more easily acknowledging the progress made in the US economy.

The Week Ahead and Other Thoughts: This week, we will get a second reading on the second quarter GDP number on Thursday. Expectations are looking a bit bearish at this point. Since the Fed is now focused on the data so much, and in some ways even more than before, GDP will be a key for the Fed in determining when and how much to raise rates. Other data of importance will be Durable Goods orders, which plays a pivotal role in future growth numbers. This will be released on Tuesday. Also on Tuesday, Consumer Confidence will be released which could take a hit due to geopolitical events and continued weak wage numbers. The next important data for next week, and maybe the most important, is the PCE number on Friday. This number is a main focus of Yellen and has recently begun to rise overall and if this continues to rise, this could be another sign of things to come in terms of rate hikes. We also will have Services PMI, New Home Sales change and Composite PMI data numbers. Housing data will be of particular interest as the housing market, after cooling over the summer months, seems to be doing better now. Other data will be Personal consumption expenditures and Initial Jobless claims and Pending Home sales on Thursday. Once again, minus the GDP also being released on Thursday, the Pending Home sales will be of interest giving more indication of the health of the US housing market. Focus will continue to be on the Fed and how soon it seems they will raise rates and data release results will play a pivotal role in helping the markets determine when and how much the rate hikes will be.

Emerging Markets Main Longer-Term Themes

• Russia/Ukraine conflict• Sanctions against Russia and against the West and US from Russia putting growth

expectations on the downside• Weak growth in Eastern Europe due to Russian/Ukraine conflict• Continued conflict in Iraq • Weak growth and government troubles in certain emerging markets (Thailand,

Brazil, Argentina)• Expectations of reforms that will come soon and continue to come from certain

countries: India, Mexico, Indonesia• Weak economic conditions in many emerging market economies • Expectations of lower investment and growth in many of these emerging markets

as the US raises rates, pushing money out of the emerging markets and back to the USMain Themes of Last Week

• Things were doing well in Ukraine at the beginning of the week but….• By the end of the week reports came that a sizable portion of Russia’s aid convoy • Argentina continues its fight with US courts over its debt yet the Argentina debt

market remains resilient Overall Sentiment at the End of Last Week: the overall mixed to negative for all the

emerging market was reinforced last week as both government and political events continued to get worse.

The Week Ahead and Other Thoughts: This week, focus will continue to be on Ukraine, Russia and Iraq. After reports of Russian aid convoy trucks entering Ukraine without permission, things seem to be escalating yet again. Focus will also be on a meeting coming up between Ukraine’s President Petro Poroshenko and Russian President Vladimir Putin. This could escalate or de-escalate things very quickly.

Upcoming Data for the Week(Eastern US Time Zone)

Country Release Date Time Exp. Prev.

USD New Home Sales 08/25 10am 0.426M 0.406M

NZD Trade Balance y/y 08/25 6:45pm $1.2B

USD Durable Goods Orders 08/26 9am 7.4% 1.7%

USD Consumer Confidence 08/26 10am 89.1 90.9

AUD HiA New Home Sales m/m (July) 08/27 9pm 1.2%

GBP Nationwide House Prices y/y (Aug) 08/28 2am 10.6%

EUR German Unemployment Rate (Aug) 08/28 3:55am 6.7%

EUR German Unemployment Change (Aug) 08/28 3:55am -6K -12K

EUR EZ Consumer Sentiment 08/28 5am -8.4

EUR German CPI m/m 08/28 8am 0% 0.3%

EUR German CPI y/y 08/28 8am 0.8%

EUR German CPI Harmonizzed y/y 08/28 8am 0.8%

USD Core Personal Consumption Expenditures q/q 08/28 8:30am 1.2%

USD GDP Q2 08/28 8:30am 2% -2.1%

USD Initial Jobless Claims 08/28 8:30am 299K 298K

JPY National CPI y/y 08/28 7:30pm 3.6%

JPY National Core CPI y/y 08/28 7:30pm 3.3%

JPY Unemployment Rate (July) 08/28 7:30pm 3.7%

JPY Industrial Production y/y 08/28 7:50pm 3.1%

Country Release Date Time Exp. Prev.

EUR EZ CPI y/y (Aug) 08/29 5am 0.1% 0.4%

EUR EZ Core CPI y/y 08/29 5am 0.8% 0.8%

USD Core Personal Consumption Expenditures Price Index y/y

08/30 8:30am 1.6%

USD Core Personal Consumption Expenditures Price Index m/m

08/30 8:30am 0.1% 0.2%

CAD GDP Q2 q/q 08/30 8:30am 1.2%

CAD GDP m/m 08/30 8:30am 0.3% 0.4%

USD UoM Consumer Sentiment (Aug) 08/30 9:55am 80.4 81.8