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The US Fed when you are sleeping will release its latest policy statement at 4am Thursday morning. They will reduce more stimulus but Yellen's statement and comments about the economy will be what the market watches. Yellen's a Dove, and she'll always speak conservatively in my view so don't expect any major surprises even though the US economy has continued to improve in the last month. She won't want to send a clear message yet about interest rates. That will happen in my view late in 2014 once the stimulus is wound back to $0 and the economy has improved further. 

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Iraq keeps markets subdued for now.

The threat that oil supplies could be disrupted with the ongoing geopolitical situation in Iraq kept markets mostly on edge on Monday with currencies rising and falling throughout the trading session. The US Industrial Production number whilst beating estimates was not strong enough to propel the US Dollar higher and I would suspect from this point the US Dollar will begin a crawl sideways until the US Fed's policy statement on Thursday morning Sydney time.

The usual safe haven currencies such as the Yen and Swiss Franc were in demand on Monday but not overly so. We've seen a number of these Middle Eastern and European crisis situations over the past 2 years with Syria, Libya, Ukraine and Egypt all threatening world peace.  I don't want to play down the humanitarian emergency in Iraq with thousands of men and women being slaughtered by Sunni Islamist insurgents but the financial markets will once again move on in the coming days and weeks and the interest rate movements of Central Banks and the standard fundamentals will drive the markets overall. Sure, the market is a little nervous right now but these geopolitical events are common place every year and in all the years I have been trading there isn't one that has overshadowed the big picture fundamentals longer term. Just stick with your strategy!

Each day Andrew Barnett supplies a Market Update in the GoldRock Insider Report www.ltggoldrock.com