This week's markets wrap with London-based trader Michael Jarman. What really stands out is that despite a rally in the S&P 500, Michael is choosing to take a step back when it comes to equities. Instead, he is favouring Forex, and in particular, to long sterling against the dollar.

The S&P 500 has rallied some 5% from the lows since last month and he says the markets are clearly happy with the current status quo in Ukraine and Russia. With macro data remaining "resilient", Michael says bears have been fended off again but he says he has to question how much longer this market rally can continue. 

As for next week, Michael is looking out for manufacturing data from China, the US and the UK, and says that the "overly hyped" Non Farm Payrolls will be of key market focus.