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A sharp sell off in crude last Friday was significant enough to completely erase the previous day's gains crossing below the 9 and 14 day moving averages in the process. A drop in consumer spending in the US and a decline in consumer sentiment were largely behind big movements in the world markets. In addition invertors began to scrutinize the GDP report raising questions about the importance of its increase. As a result the greenback enjoyed a nice rebound given its safe haven status and the stocks declined which in turn spilled over into energy market dragging oil priced down. The monthly chart below provides us with an overview of the volatility for October

Crude Oil

Market News
• A huge week for economic data sees Interest Rate decisions in the US, the UK and the Eurozone on Thursday. These will have an impact on the dollar, which in turn will influence commodity prices
• Non farm payroll figures are due for release on Friday