Despite the downbeat GDP report, when taking Q1 and Q2 together, JP Morgan has upped its Q3 GDP forecast to 3%.
Seems like the cash for clunkers program and the low level of auto inventories has got economists licking their chops for a rebound in the next few quarters. Whether or not it can be sustained remains an open issue…
EUR/USD is consolidating gains in the low 1.4170s. The 15:00 GMT fixing was free of fireworks, but the run up to the fixing was anything but sedate.
Look for very thin markets this afternoon with pricing dominated by machines rather than traders. Not my kind of market.
