07:35am    No trading for me today as it’s the first Friday of the month and we have the U.S. employment numbers released at lunchtime (UK time) – I have just completed and sent my daily ‘Trading-Guidance’ email and I’m now going to get on with email replies for the next few hours as I watch the lightening outside.

Market Update:

As some expected, the new Greek government has delayed its latest debt repayment to the IMF until the end of this month – it’s in the rules so comes as no real surprise although it is the first time it has occurred since Zambia in the mid 1980′s. The move is seen by some a show of defiance by the the ruling anti-austerity Syriza party although the IMF and ECB do hold the upper hand as without a concrete agreement on a repayment schedule there is no further loans to keep Greece afloat. All this will no doubt conspire to help to subdue European markets this morning although the U.S. Non Farm Payroll announcement at lunchtime will see traders get their buying (or selling) boots on again.

The IMF were in the news yesterday as well as they asked the U.S. Fed to delay their rate rise decision until early 2016 on worries over global economic strength even though Unemployment Claims came in lower than expected so we may see the Dow Jones and S&P 500 indices move up above the resistance level that’s been holding it back for the past few weeks. In the Crude Oil market, OPEC have come out gain to confirm they will not cut production but instead they want to maintain their current market position no matter how low the price is driven down because of their stance – they are fortunate that they can weather any price drop in contrast to the new shale producers in the U.S. who all based their economic predictions on $70-$80 per barrel. U.S. WTI Crude is currently sitting at $57:50 this morning with no real upside showing at the moment.