Friday’s strong payrolls report for June delivered volatility in most asset classes. In the FX market, foreign currencies continued to sell off as flows continued to rotate from fixed income instruments and the metals to the US dollar. US treasury yields rallied strongly as expectation of tapering is expected to begin as early as this month’s Fed meeting on the 31st of July. However I continue to speculate that the fed will wait until September to gather more economic data. In the week ahead traders should continue to stay focused on economic data releases and news from the Middle East, specifically Egypt which should have a direct impact on the volatility and direction of Crude Oil price action.