The FTSE currently indicates a flat opening as traders wait to see what the Bank of England decides before putting money into the equities market. The BOE finds it self again at a cross roads, trying to decide which fire is more dangerous, inflation or an economy on the brink of a recession. I would not want to have that job today.
Oil finally broke below the 200 day moving average and is technically in a free fall until the 100 dollar per barrel mark. Due to the shortened week in US, the inventory numbers will be released today instead of Wednesday, this release should have a significant effect on the price of oil today. Gold keeps trading lower as renewed optimism regarding the US economy has traders selling gold and buying the US dollar. Look for the very important employment figures today around lunch, which will give you a hint regarding tomorrows all important employment rate for US. Strong numbers could possibly send gold below 800 dollars per ounce.
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