07:10am   Early start as I’m helping the builders here today so no chart watching for me after I finish my market analysis in a short while. Tomorrow is Non Farm Payrolls so I will not be trading either so I will wish you a relaxing weekend break and I will be back here on Monday morning.

Market Update:

The U.S. markets closed broadly ahead last night on expectations that May’s job numbers will come in broadly similiar to April so pushing back a rate increase from the Fed until at least July. There is also an expectation that the Fed will not adjust their minimum lending rate until after the UK/EU referendum so sentiment is rosy for the S&P 500 and Dow Jones indices.

Overnight the Asian markets finished mainly in negative territory with the Japanese Nikkei 225 index ending down almost 2% after confirmation that there will be a delay in the sales tax rise fueling worries over the overall condition of their domestic economy. Here in Europe the signs are that UK and German markets are set to open slightly down on yesterday afternoon’s close but there is plenty of economic news out today to keep the charts busy.

The oil market is also in the spotlight today as there is the usual U.S. Crude Oil Inventory numbers out later today plus the OPEC meeting in Vienna. There is an expectation that a new production ceiling will be introduced and this is currently propping up both WTI and Brent Crude prices although there does seem to be a resistance around $50.