FXstreet.com (C�rdoba) - "In what was one of the most volatile weeks on Wall Street since traders and speculators first gathered under the old buttonwood tree, economic data actually showed improvements in the economy that diminish the odds of recession," wrote analysts at Wells Fargo regarding market activity during last week.

According to what they wrote in the Wells Fargo weekly report, jobless claims data breaking below key 400,000 level and retail sales showing the largest increase in consumer spending since march, offset a widening in the US trade balance that will weigh on GDP data of the second quarter.

"In our view, the volatility in markets is a realization that the days of 3.0 to 3.5 percent economic growth are in the rear view mirror, and the road ahead seems to be one of very slow growth for the United States," analysts concluded.