The EUR has busted through short-term support levels and traded lower the past day. Crude Oil has had a fairly choppy run while testing ranges, particularly with WTI. Gold as of this morning is near 1305.00 USD also having been taken lower the past couple of days.

Janet Yellen, the Fed Chairwoman, was pressed during her testimony in Washington yesterday and admitted that the monetary policy has created an atmosphere of cheap money in which an asset bubble has been created while clearly intimating that it was Wall Street she was talking about. Having said that, the major indexes held onto their high territories on Wednesday.

Industrial Production numbers from the States yesterday provided a miss coming in with a gain of only 0.2% compared to the estimate of 0.4%. GDP statistics from China on Tuesday were better than expected, but once again analysts could be heard questioning the published results while suggesting they might be inflated.

CPI numbers will come from Europe shortly and the Philly Fed Manufacturing Index will come from the States later. Building Permits, Housing Starts, and weekly Unemployment Claims will also be released today from the States.

The EUR and GBP have traded slightly weaker against the Greenback the past two days and before going into the weekend it will prove interesting to see if how FX reacts to the loss of value. Both the Single Currency and Sterling are still quite highly valued and traders could be tempted to believe that they may see some movement upwards again over the next two days.

Tomorrow will be a relatively light day of day, Preliminary University of Michigan Consumer Sentiment marks will be reported. And the results will prove a good dynamic of comparison with the weaker than expected Retail Sales data that came from the U.S. on Tuesday. Both America and Europe have had a tough week of data proving that the economic landscape is still murky. Forex investors certainly will continue to find plenty of action due to rather wide open interpretations for future growth prospects from both spheres. And when you throw the rather cynical reactions of many analysts, including Digital Markets Advisor, regarding recent China data the waters should still provide rather troublesome currents in which to swim. Meaning that ranges will certainly continue to be tested.

And last but certainly not least, equities remain directly under the microscope regarding the value of shares compared to the revenues their respective companies are actually making.