As intimated by the EU Commissioner Almunia yesterday the EU commission has sharply downgraded their EU growth forecasts for 2008 to 1.4 % from 2.0% previously and said that many of the major European economies may slip into recession. Remember the huge outcry earlier in the year when the IMF came out with their 1.4% growth estimate for the Eurozone, which was quickly condemned by many a European Finance Minister and even Mr Almunia himself. The commission goes on to say that Eurozone inflation may have peaked. Eur/Usd seems content to trade a quiet range between 1.4130 to 1.4170 as they await the Lehman results.