09:35am   A late Market Update as we have friends staying for a few days – which means no trading for me today either. This week I have accumulated +306 pips from the markets.

I will be back trading on Tuesday after our weekend guests have left, so no ‘Market Update’ on Monday.

Market Update:

There has been further developments in the Greek situation – it now transpires that the IMF have walked away from the talks as they feel that no headway is being made. European leaders are also running out of patience with Prime Minister Tsipras as he is rejecting all proposals and it looks more likely that Greece will walk away from their debts and ultimately the Euro.  At the moment French, German and UK equity markets are in negative territory and today’s session should prove to be interesting with direction dependent on any news coming out of Brussels.

Over in the U.S., weekly employment claims came in slightly higher than expected and together with solid non farm payroll number last week helped the main Dow Jones index end the day above the significant 18,000 level – it was up 31 points at 18,050 but pressure from Europe and the Fed rate rise may mean the bears will take charge for the next week or so. On my daily chart there was a good bearish reversal candle after yesterday’s session with overbought tendencies as well.

Yesterday it was announced by the International Energy Agency that OPEC members Saudi Arabia, Untied Arab Emirates and Iraq have had a record production month and this news was the main cause of a WTI Crude price drop of over 50 cents to end the day at $60:57 per barrel. In the UK, Brent Crude also had a bearish session yesterday after Wednesday’s reversal candle on the daily chart.