Pessimism surrounding risk appetite trends keeps the dollar from a deeper correction.

It will be important to watch for signs of continued strength out of Purchasing Managers Index (PMI) data out of various Euro Zone member states on Monday, while German IFO business confidence trends are similarly seen as a leading indicator for economic growth.

The spotlight falls on the second revision of second-quarter US GDP figures, with the number expected to show that the annual growth rate slowed to 1.4 percent in the three months through June, the slowest in two years.

For this upcoming week, broader risk trends will likely dictate GBP/USD price action as GBP traders face a light economic docket.

The Canadian dollar continued to pare the advance from the previous month following the flight to safety, and risk trends are likely to dictate price action.

What can you do with your money during a Great Correction?

Consumers are paying down their debt -- or defaulting on it -- at a rate of about 6 percent per year.

There are signs of weakening. GDP growth figures are being revised downward. Consumers aren’t spending. Banks aren’t lending -- except to the federal government.

Economists are finally beginning to ask questions. How come the economy isn’t doing better? Why aren’t consumers spending? Why aren’t businesses hiring?

There are only three ways to get rid of an oil spill. You can mechanically remove it, chemically remove it, or burn it. They used all three methods. But not fast enough. The Obama administration dithered while Rome burned.