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U.S. investors drove stock indices higher following better than expected housing starts, industrial production and import price reports. Trading was light and there was very little follow-through to the upside following a strong early morning session. Traders were able to hold the indices steady following the FOMC report.

U.S. investors are driving stock indices higher ahead of this morning’s housing starts and industrial production reports. Renewed confidence in higher risk assets is also contributing to the strength. Trading could slow down after the morning session as investors flatten out ahead of this afternoon’s FOMC minutes.

The U.S. Dollar is gaining back a little of yesterday’s loss in light, overnight trading. Volume continues to be down because of the week-long Chinese holiday celebration. Investors seem a little reluctant to take on risk ahead of today’s U.S. economic reports. Early in the session, traders will be focusing on U.S. Housing Starts and Industrial Production Reports.

U.S. equity markets mounted a strong recovery following the news that the unemployment rate dropped unexpectedly. Although the number of jobs loss was greater than forecast, the improvement in the jobless rate helped confirm that the economy is on the road to recovery. Fear over sovereign debt issues in the Euro Region most likely limited gains.

Today’s U.S. Non-Farm Payrolls Report appears to be taking a backseat to the fear that sovereign debt woes in the Euro Region will escalate. Traders continue to monitor the financial difficulties in Greece while keeping one eye on the key U.S. jobs report. This morning’s report is expected to show that 25,000 jobs were added last month. This is down from a guess of 40,000 earlier in the week.

Stronger economic data this morning helped drive shorts out of the Dollar and triggered a surge to the upside which put the U.S. Dollar Index in a position to post a six-month high.

U.S. equity markets rallied late in the session to close above key retracement points as traders set aside their recent worries and returned from the sidelines. The markets opened firm then surged to the upside following a better than expected U.S. manufacturing report. Good news from the consumer side also helped to support the rally.

The U.S. Dollar is slightly better against a basket of currencies this morning after trading in a tight and narrow range overnight. Trading action was subdued as investors await this morning’s key U.S. GDP data. The Dollar is trading higher versus the Euro, Yen and Aussie Dollar while weakening against the British Pound, Swiss Franc, Canadian and New Zealand Dollars.

U.S. equity markets finished higher after the Fed released friendly Beige Book data but remained inside the ranges for the week. The lack of follow-through to the downside following Tuesday’s sell-off helped trigger a strong short-covering retracement rally early in the trading session.

U.S. Equity markets are trading flat ahead of this morning’s jobs report. A friendly U.S. Non-Farm Payrolls Report is likely to trigger a rise in stocks today as it will signal the economy is on the path to recovery.

A strong surge in U.K. and China manufacturing data helped to pressure the Dollar overnight. These two better than expected reports triggered renewed interest in demand for higher risk assets. Losses are being limited, however, as traders await this morning’s U.S. ISM Manufacturing Index which will be release at 9 a.m. Central Time.

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A flurry of U.S. economic data this morning has failed to have a material impact on the U.S. dollar. The greenback strengthened throughout the European trading session and accelerated its gains after ECB President Trichet applauded Ben Bernanke's comments on the U.S. dollar. The latest data from U.S. indicates that the weak dollar has actually helped to boost foreign purchases of U.S. assets.

Mixed U.S. economic data fueled a choppy trade in U.S. equity markets most of the day. The markets opened higher this morning following a Gross Domestic Product Report that showed the economy had contracted less than expected. Early gains were erased, however, following a report which showed a drop in the Chicago Purchasing Managers Index.

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