If the job of the Fed is to manage expectations what does it mean exactly when the FOMC publically appears to be in complete disagreement regarding the manner in which they should act the next time around?  In June of this year some of the mild disagreements the Fed was having internally became apparent with its FOMC Statement. And about one week ago Forbes magazine wrote about the widening fissures between Fed Presidents including Rosengren and Fisher, but happily proclaimed that Chairman Ben Bernanke remains in charge. However with some large decisions needed in order to help the U.S. economy it looks as if the debate is growing stronger regarding how monetary policy should play out. Investors who count on the Fed for guidance will be ‘officially’ left in a lurch when trying to figure out what to do if they are not careful now.

Facebook shares will undergo yet another shift and day of volatility as lockup clauses expire on many shares held by vital company employees and early investors today. The share price of Facebook is traversing the lower realms of its value and has been a huge disappointment for anyone who thought that they would make a profit by venturing into the stock and simply selling in ‘the surge’ that they believed would occur.

Gold as of this morning is trading around 1609.00 USD and the EUR has traded back to its lower range against the Greenback. There was little in the way of data from Europe yesterday but who needs data when you have Greece, Spain, and Italy? The GBP managed to hold its ground yesterday in the ‘wake’ of better than expected jobless data, but for those traders and investors working with reality it should be noted that Average Earnings Index data from the U.K. came in worse than expected. The worst bunch of economic news quite possibly came from the Empire State Manufacturing Index in the States which had a negative reading of minus -5.9 when it carried an expected mark of plus 6.6. Today the U.S. will present the Philly Fed Manufacturing Index and its forecast is a decline of -4.7.

Wall Street was mixed yesterday proving again that investors are straddling the fence as they await what is sure to be a massive fireworks display in September from the Fed and ECB and their collective governments. Unfortunately the fireworks will probably not represent Independence Day for investors but likely remind them of civil discord. As traders on both sides of the Atlantic wait in fragile states (pun intended), Asia has provided little in the way of comfort with China and Japan continuing to produce lackluster economic data.

The AUD has traded lower against the USD in recent trading. And interestingly the JPY has broke a bit from its extreme consolidation and lost some value also against the Greenback on Wednesday.