The yen is the only gainer versus the US dollar as indices drop back into the red on a combination of disappointing retail sales and industrial production figures from China and stronger than expected retail sales from the US. Interestingly, The Wednesday and Thursday sessions in US indices showed the smallest 2-day change in more than 3 months, highlighting the magnitude of the volatility since the Oct peak. The ECB managed to find some middle ground that signaled disappointment in the economy without hinting at any changes in policy, placing renewed pressure on the euro to hug the major 200-WMA. Ashraf sent me some charts to focus on ahead of Wednesday's Fed decision. More on this below.