Since most of the majors (except for the bipolar Pound) are solidly range-bound, US economic data may help start a little trendlet withing recent price extremes. The combination of weekly jobless claims, the Philly Fed survey and leading indicators should give us a nice reading on the present state of the US economy. My guess is that on balance the data will support a risk-taking strategy. Given that trends in this market are measured in milliseconds, treat data as a trading opportunity, not a harbinger of sustained trends to come.