Little doubt remains that China's export numbers are at best unreliable but more likely simply fudged.

Investors are beginning to take the US labor markets improvements more seriously. The trend in falling initial jobless claims looks more sustainable now, which bodes well for GDP growth expectations.

It is remarkable to watch how some repressive governments attempt to address their nations' problems by temporarily plugging economic holes with populist programs (some may argue this applies to the developed world as well).

In spite of all the recent stimulus talk, Bank of Japan continues to battle deflation.

Japan's "Merchandise Trade" exports surprised to the upside this morning. All of a sudden Japan's export activity is picking up steam.

The Federal Reserve Board on Thursday announced the finalization of standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers.

Something strange happened in the market. The dollar (DXY) and the US equity indices traded lower - together.

At the end of last year, Japanese Prime Minister Shinzo Abe fired a loud salvo. In a forceful attempt to kick start Japan's economy from its decade-long stupor, Abe leaned on the Bank of Japan to set a 2% inflation target. He threatened to pass a law to limit the central bank's independence if it balked.

Large movements in the major currencies in recent weeks reflect a multitude of developments, from recognition of the weak growth outlook in the UK to investor expectations of anti-deflationary policies in Japan. In an already turbulent financial environment, the interaction of these forces presents an additional complication for currency-market prospects in 2013.

In the past few weeks global markets have focused on the weakening yen, as politicians and business leaders, particularly in Europe have called for a halt in Japan's "weak currency" policy.