During the session on Thursday, the one announcement that could move the markets will be the press conference after the ECB interest rate announcement. Because of this, we think that the Euro itself could be rather volatile, but we also recognize that euro strength will probably be difficult to maintain against the US dollar. With this, we actually believe that any euro strength will probably be shown against other currencies.

1 – Looking at the gold market, and the precious metals complex in general, it appears that we will probably pull back for the session. Ultimately though, there is support below so we believe that back and forth trading will probably be the case. This of course will be heavily influenced by the jobs number coming out tomorrow.

2 – Going forward, it looks as if the European indices are trying to perk back up, but expect a lot of volatility. Ultimately, we believe that the DAX will lead the way, and if he can break above the 10,400 level we believe that Europe in general will start to strengthen as far as stock indices are concerned.

3 – By the time we get to the US session, the markets will probably be fairly calm as traders in New York will be waiting on the jobs number coming out tomorrow. This quite often means that we will have a fairly short trading window during the day before the announcement. With that in mind, we believe that it could be very quiet late in the day.