08:05am    No chart watching for me today as it’s Non Farm Payrolls day once again – I will be back in front of my charts on Tuesday after a long weekend break.

Market Update:

Today’s Market Update is short of news as most traders are just sitting on the sidelines for the next few hour and waiting for the U.S. jobs report numbers for August, which are released at 13:30pm UK time. An encouraging number will increase the possibility of the Federal Reserve increasing interest rates this month but whatever the figures end up at, the one thing you can expect is some decent market volatility straight after the numbers are released. There is an expectation of around 180,00 jobs added last month so watch to see if the number comes in higher as equity markets could react negatively to this.

Both yesterday’s U.S. trading session and the overnight Asian one ended fairly flat as traders were reluctant to open new positions ahead of the Non Farm Payrolls announcement and the start of this morning’s European session is fairly subdued although most indices ended down yesterday on falling oil prices.  U.S. WTI Crude ended almost 3% down on Thursday evening but has recovered slightly this morning and is trading currently at $43.48 although the lower timeframe charts are looking bearish again.