07:25am   I had an early start this morning as I am off for most of the day sailing but for the next few hours I shall be here in the study replying to emails and doing some Skype calls with new traders. I will watch some charts between now and 10 o’clock before I leave.

Market Update:

European markets had a good session yesterday after European Central Bank member Benoit Coeure announced that the ECB will be ‘front loading’ its bond buying programme to pre-empt that usual summer slowdown in the European economy. This news caused the EUR/USD pair to fall to 1.1118 and the price is further down after the overnight Asian session but gave the German DAX 30 index a 2.23% boost upwards, gaining 259 pips.

U.S. equities in comparison had a mixed day with housing starts data for the country coming in at a 7-year high and although this news gave traders some optimism to get their buying boots on there was also worry that an expanding economy would then trigger a rate rise sooner than the anticipated January 2016 – the Dow Jones index of 30 leading U.S. companies came in 13 points ahead at 18,312 but the wider S&P 500 posted a 1.37 point fall.

In the oil market, a note from Goldman Sachs speculated a continuing oversupply by OPEC and U.S. companies is going to push prices back down towards $45 in their opinion and this news conspired to force sellers into the market and WTI Crude fell just over $2 to $58:27 by the end of the day. UK Brent Crude followed suit as expected and closed at $64:33.