06:45am   An early start for me today as we’re away soon on a 4-day long weekend break to the New Forest – back Monday evening so no Market Update on Monday morning.

Market Update:

As the 3-day G7 meeting comes to an end, traders will be listening carefully to any closing comments that will give the markets any concrete direction. Yesterday we saw equities sell off in early trading as concerns grew that Greece would not be able to meet its debt repayment obligations next week but later in the day markets recovered slightly as a Syriza spokesman came out to say that measures were falling into place that will allow the funds to be handed over – no doubt this story will continue to excite during this last trading day of the week. There were conflicting comments on the Greek situation yesterday with ECB Vice-President Vitor Constancio saying that he is convinced that Greece will not be forced out of the Euro but IMF President Christine Lagarde stated that she could not rule out an exit in the coming months.

Over in the Crude Oil market, the U.S. Department Of Energy released its latest crude oil inventories which unsurprisingly showed a fall in stock being held at Cushing, Wyoming. This encouraging news caused U.S. WTI Crude to shoot up 36 cents to end the session at almost $58:00 and the daily chart is now showing a bullish reversal candle for a possible move up in value with UK Brent Crude following closely behind.