Oil pulled back from the $80 levels as traders mulled over mixed signals over the strength of the US economy. Yesterdays manufacturing numbers showed output rose for a seventh straight month, albeit it fell short of expectations. Strength of the US Dollar also meant that oil struggled to surge past the psychological $80 level.

Market News

1. The Australian Central Bank raised interest rates to 4% this morning, with the RBA claiming that their economic growth predictions are back to normal
2. Talk of a German/French bailout for Greece continues, however Angela Merkel still insists that the Greeks still need to reduce their deficit
3. The Euro has hit nine and a half month lows against the US Dollar as confusion reigns over the state of the Greek situation
4. Please be aware that the Beige Book is scheduled to be released tomorrow
5. Tomorrow sees the release of the weekly oil inventories

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