08:45am   No trading for me today as I am preparing for a 4-day trip this morning and leaving this afternoon, back on Tuesday night so I’ll be back in front of my screens next Wednesday morning.

Market Update:

Global markets are taking a small breather after a fairly meteoric rise over the last week, traders are waiting for Fed Chief Janet Yellen’s thoughts later this afternoon on the U.S. economy and her plans for her next rate rise. Most investors are betting on a rise towards the end of this month of between 0.25% and 0.50% although February’s U.S. jobs report next Friday will give us more clues.

U.S. markets closed down yesterday as traders booked some profits and the European indices have started off this morning in the same vein. Overnight, the Asian trading session was largely negative on similiar concerns and the South Korean Kospi Index fell the most during the session on worries over a worsening relationship with China with diplomatic tensions coming to the forefront.

Crude oil is now quite a way from the $55 high of last week mainly due to rising U.S. inventories plus news from Russia that promised production cuts are not really been implemented and this has driven the price down to $52.53 at the close last night, although it has recovered slightly this morning.