Tuesday 24 October. European open.

The week really starts to hot up today, the UK has already reported better than expected unemployment rate. Next up, Europe and the UK PMI data is released, followed by US PMI in the US session. The service sector numbers will be studied for hints on the future path of inflation (a higher number = potential sticky inflation, and vice versa).

Some very big companies report earnings after the close today, the results and forward guidance could have a big affect on the S&P. amongst all this, will the 'risk on' bid in bonds continue? And of course the awful situation in the middle east is rumbling on and could affect the market at any moment. (Oil and gold are particularly sensitive to any news).

There are a lot of moving parts at the moment. Currently, my short JPY trade from yesterday is still in play. So my decision this morning is to wait for all the PMI releases and assess the situation in the US session.

If you have any questions, please email: johnelfedforexblog@gmail.com