Politics continue to come to the fore, but investors have seemingly been able to brush worries to the side in the past 12 hours and have shown an ability to chase risk and thus far Asian equity bourses have turned in broad gains today.

The EUR also has managed to find some support in the past day and is languishing near these new short-term support levels, with two full days of trading left – Thursday and Friday for Europe and the N. America it will be an important couple of trading sessions for the Single Currency and it should be watched carefully. If the EUR manages to hold onto its value today and tomorrow it could find even more followers next week.

Important PMI data will come from Europe soon. Germany and France have a lot to prove and their Flash Manufacturing readings will be under the microscope. The ECB has been aggressive the past couple of months and if a further erosion in data is seen today it will certainly mean that the European Central Bank will have to be extremely dovish with monetary policy (to the point of having negative interest rates) likely into 2015.

The U.S. will also issue PMI data today and also highlighted will be New Home Sales. But here is the thing, housing sector data has been a rallying cry for many the past month and even if the stats are better than expected it will not have much of an effect. This because the housing market in reality remains lifeless in many respects and is not being counted on to create new wealth for homeowners in the next few years.

Tomorrow GDP marks will come from the U.K. and this will be of interest. The U.K. has been one of the few bright spots regarding growth the past year, but with the U.S. GDP lagging and that of Europe being sluggish, some believe the U.K. economy will not be able to keep up its good run. The GBP traded slightly lower yesterday and finds itself on an interesting support level considering its strength the past few months.

Gold as of this writing has sunk below 1300.00 USD showing that not even a vast array of geo-political turmoil has been enough to help its value. Viewed widely as a safe haven by global investors, the precious metal has not been able to escape the bear market that has controlled the commodity the past two years. Crude Oil did rise slightly in Wednesday’s trading, but like Gold, Crude Oil – WTI – has not shown any real ability to climb higher. Which could mean that the global economic picture remains challenging and real demand in the physical resource markets remains lacklustre.