Although the fundamental news on the economic calendar comes in a week which is shortened by the Fourth of July celebrations on Friday it nevertheless has the capacity to inject a degree of volatility into all markets, particularly as the principal items are squeezed  towards the back end of the week with the Non Farm Payroll numbers shifting to Thursday.   For today there are no releases in the US and the only items of interest in Europe was yet another sentiment index, this time the Consumer Confidence based on a survey of around 2,500 consumers, hardly a meaningful or representative sample.  This is generally considered a leading indicator and the numbers this morning suggested growing consumer confidence coming in at -25 against a forecast of -29.  For those of you who are regular readers of this commentary you will be aware of my views on the use of sentiment indices such as the above which can best be summarized in one word, RUBBISH.

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