Greece admitted over the weekend that it will likely fall short of its austerity and budget targets for the next two years, which means another 4 billion EUR approximately would be needed to balance the books. Germany, particularly finance minister Wolfgang Schauble, was quick to point out that a bottomless pit of money does not exist for Greece. However, Jean-Claude Juncker, the E.U. President was equally quick to say Greece would not leave the E.U. unless it states that it will not abide by the mandates set out by its agreements. Obviously that allows for a large amount of interpretation by all involved parties, but in the short-term it is clear that Greece is not achieving much in the way of anything economically except to continue its pattern as a welfare recipient who is not about to get off the dole anytime soon. Clearly Germany is getting more fed up with the circumstances of Greece and the E.U. is trying to keep the ship floating in the sea as the storm rages.

The EUR/USD has managed to trade in a close range as of Monday. There is very little data that will come from Europe or the States today. Australia will release it Monetary Policy Meeting Minutes report early on Tuesday, Sydney time. The U.K. will bring forth Public Sector Net Borrrowing tomorrow.

Crude Oil is trading at high values and as of this writing WTI stands above 96.00 USD a barrel. Speculation is the name of the game with Crude Oil taking into account the worrying news from the Middle East between Israel and Iran.

Gold is trading around 1619.00 USD.  Equity markets have turned in cautious gains. It should be remembered that we are well into the dog days of August in terms of volume and there has been little in the way of a change in sentiment among most investors who continue to be quite keen on preservation. The key to any gains in the bourses has been largely based on the fact that there are very few places to park money with the possibility of making large profits without taking risks. Bonds are near a zero percent interest rate in the States, the U.K., the E.U., and Japan. While investors may be nervous about buying massive quantities of stock they are being put in a position to show some activity for clients who demand signs of profitability. The equity markets are set to experience volatile trading the next few months.

The JPY continued to lose some value in early trading today and the AUD has not gained significantly against the USD. Traders have an opportunity to possibly take advantage of short-term ranges these next two weeks as most institutional investors are deep within a summer slumber and trends are tough to define because of low volume.

The news investors are geared most heavily towards if they are paying attention to headlines is likely the level of concern coming from Germany about the Greek debt problems again. Investors are likely comforted and hoping that trading will not become too swift until the ECB and Federal Reserve return to their monetary policy dictates in September and issue their collective statements as the ‘confidence game’ rolls into full swing with gyrations based on institutional perceptions.