Michigan Consumer Sentiment caused Friday to end on a rather sour note with risky assets being sold in the afternoon’s portion of trading.

Data from the US had been mixed with CPI on consensus while industrial production was better than expected. Consumer confidence however was expected at a figure of around 69 but instead printed at around 63. Stock markets began to sell off and the USD and JPY gained strength as it seemed the market would not back a recovery without the US consumer; weak retail sales on Thursday appeared to back this up as well.

The euro was volatile as the market continued to digest Thursday’s GDP releases. Spain however released theirs on Friday, weakening the European single currency, as growth declined by 1% in Q2.

We can add another economy that is technically out of recession: Japan. The Japanese economy grew by 0.9% in Q2 on the back of stronger exports and government spending. This of course comes after the last week’s announcements that both France and Germany had seen positive growth in Q2 as well.

Data today is on the light side with Empire Manufacturing and Net Long-Term Tic Flows the main bits from the US at 13.30 and 14.00 respectively.

You can also follow us live on Twitter at http://twitter.com/World_First