09:15am   A late start for me ahead of a nice relaxing day away from my charts, I have a few errands to sort and emails to catch-up on this afternoon.   Back trading tomorrow.

Market Update:

Another new week of trading and the focus in the Europe and the U.S. is the Non Farm Payrolls number on Friday which will be keenly watched to see where the Federal reserve will stand for their interest rate decision later this month. The markets have already priced in a rate rise to a certain extent but there is an expectation at the moment that there could less jobs created in November than the previous month and this may give the Fed reasons to delay their announcement to push interest rates above the current low level of 0.25% which has been in force since the end of 2008.

The crude oil market seems to be back on a downward trajectory after the overnight Asian session and news from Iran that they have a wish to overhaul their oil industry and make it easier for foreign companies to invest in their country without the fear of having it all taken away at the whim of the Iranian government. This will no doubt result in an increase in production and no doubt this will be one of the major points of discussion at this week’s twice-yearly OPEC meeting in Vienna. The other debate will be production levels as Saudi Arabia is eventually feeling the effects of a $40 per barrel crude oil value with is unsustainable in the long term as most oil producing countries have based their economies on a $60-$80 range.  The WTI Crude daily chart looks to be retreating down again towards the November low of $39:80 before it bounces back up.