The American markets are about to open soon. There will be little data from the States today. Japanese All Industries Activity statistics were disappointing earlier today and the U.K. turned in a lackluster Public Sector Net Borrowing report. Asian bourses went negative early on Friday and stayed in the red as they closed via the Nikkei and Shanghai indexes.

Forex remains volatile as financial houses try to navigate the difficult path set out via the Federal Reserve and its inability to say anything except that it stands ready to act no matter what the circumstances. Yesterday the Philly Fed Manufacturing Index turned in a good result with a reading of 19.8 compared to the estimate of 8.5.

The USD has lost ground again to the EUR, GBP, and AUD. Range trading or not the Single Currency, Sterling, and Aussie have all gained in value this week. The EUR and GBP now find themselves in the middle of their one month range before going into the weekend. So traders will have to ask themselves how much risk taking will come into the markets as the Americans close out their sessions today?

The commodity market remains treacherous and the energy sector is witnessing a rare bird as WTI approaches the same value as Brent in the Crude Oils. Gold as of this writing is near 1292.00 per ounce.

With most equity markets in the Americas about to open it will be interesting to see if traders in North and South American can turn the day around after negative sessions for the most part in Asia and Europe. Most of the bourses in the Americas gained yesterday with only Buenos Aires faltering. Wall Street continues to show signs thus far that it wants to continue to test it highs and with the sunny skies of summer shining on investors most indexes are acting like there are no clouds in the forecast.

Short-term traders need to find comfortable ranges today. For those considering holding positions into the weekend the G-20 might cause a few headlines, but no major surprises should be expected. After the weekend, the States will release Existing Home Sales numbers on Monday. Next Wednesday there will be PMI data from Germany and France and on Thursday Core Durable Goods Orders will be presented from the States.