07:15am   Early start for me as I have some emailing to do before friends arrive for the weekend – so no trading for me today.

Market Update:

The markets are expected to kick off today’s session in an optimistic mood after Central Bank comments yesterday – the Bank Of England held their rate unsurprisingly for another month and the ECB is also on the starting blocks with some monetary stimulus. Fed minutes released last night also show that the weakening global outlook is hampering their ambitions to raise U.S. interest rates this year and it is certainly off the table for October (and probably November as well)

Overnight the Asian session was quite buoyant after the strong U.S. session finish with the Hang Seng, Shanghai Composite and Nikkei 225 all ending positively – as the Fed is keeping interest rates on hold for the next few months the Dollar will be weaker which is perceived by traders to help emerging markets such as China and India hence the bullish sentiment at the moment.

The Crude Oil market is at a crossroads currently with comments on the upside from industry-watcher PIRA Energy that prices are set for a rise upto $70 next year and that is tempered on the downside by increased production from Iran and also OPEC refusing to cut production. U.S. WTI Crude ended up by $1.40 at $49.66 and early morning trading has now pushed the price over the important $50 level.