The FTSE is currently indicating a weaker open as traders are waiting for the release of the UK employment numbers. Some analysts are expecting for an increase in the unemployment rate, which will give more reason for the BOE to cut the interest rate at the next meeting. We feel that the unemployment rate will be even worse then expected, and if it happens look for the FTSE to open almost 1% weaker.
Oil broke through the 115 dollar support level, on speculation that a U.S. government report today will show refiners cut output, signalling a drop in demand in the world's largest energy consumer, a build-up in the US inventory could push oil below 110 dollars per barrel. Gold is trading just above the 800 dollar level, and it seems like its going to go lower, as the US dollar is picking up steam against the other currencies. We will not be surprised if gold drops below 800 based on positive US dollar sentiment.
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