The EU commission today said that “The outlook for the EU economy remains bleak further ahead, with several of the EU economies in or close to a recession.” The commission has downwardly revised its estimates for growth in the euro area. It is now seen at 1.2% in 2008 from an earlier 1.5% and only a paltry 0.1% in 2009. EUR/USD sits presently at 1.2875, showing little or no net change on the European day so far.