Fundys - Not a very encouraging bout of price action heading into the final session of trade for the week, with traders fleeing out of risky positions in favor of the flight to safety trade. The higher yielding commodity currencies have been hit the hardest on the back of some broad based USD buying, lower equity futures and marginally lower commodity prices. Meanwhile the Euro has also come under some intense pressure following the very unimpressive and much weaker than expected GDP data out of both Germany and the Eurozone. Technicians now cite a major hourly head & shoulders topping pattern that should see some downside acceleration on a break below 1.3525. Eurozone CPI data was released coming in rather mixed with the better headline offset by downward revisions to the previous month. Elsewhere, Swiss retail spending was extremely misleading after showing growth in the headline print. However after adjusting for holiday shopping the number was far from positive coming in at -6.6%. ECB Nowotny was on the wires attempting to downplay any concerns over a split ECB, saying that he saw no diversion among members. IMF Chief Strauss-Kahn gave a balanced outlook on the global economy, saying that there were still risks for a recovery in the first half of 2010, but that there were also signs of hope. Also gaining some attention overnight was the recent Dr. Doom Roubini article entitled China's Yuan Set to Usurp USD as the World's Currency. Looking ahead to the North American session, US CPI (-0.6% expected), empire manufacturing (-12.00 expected) and Canada manufacturing shipments (1.0% expected) are due at 12:30GMT, followed by TIC flows ($22.5B expected) at 13:00GMT, industrial production (-0.6% expected) and capacity utilization (68.8% expected) at 13:15GMT, and Reuters/UofMich confidence (67.0 expected) at 14:00GMT. On the official circuit, Fed Fisher speaks at 13:15GMT.