07:10am    Early start because we have weekend guests arriving soon but first I’m here in the study catching up on emails for a few hours. No trading today for me as it’s Non Farm Payrolls announcement day once again.

Friends are leaving on Monday evening so next Market Update on Tuesday 11th Aug.

Market Update:

Expectations for a steady employment number out of the U.S. today means traders are in a quandary regarding the timing for the Fed’s rate rise – is it going to be an early September hike or will Janet Yellen wait for the end of the year. Now that the employment rate is growing month on month, all eyes are on wage growth instead as there are still too many part time jobs skewing the figures. There was a general slump in equities in the U.S. during yesterday’s session with corporate results being the main culprit but also traders were adjusting their positions ahead of today’s NFP numbers.

U.S. WTI Crude had another bearish session yesterday and finished down 35 cents at $44:85 after a Goldman Sachs note to clients suggested that crude storage in the U.S. will be full within the next few months – the price is now heading quickly to the next support level at $44:00. Bargain hunters were out in force yesterday in the Gold market and overnight the bullish momentum carried on with Asian traders also believing that $1085 is just too cheap – the price is currently sitting at $1093.50