German government expects growth of 0.5% in Q3

The German government expects Q3 growth of about 0.5% on a quarter over quarter basis, Reuters reports, citing government sources. Full year, GDP is expected to contract 4.5/5.0% and 2010 is expected to see 0.75% growth, according to the same sources.

EUR/USD is consolidating gains after a solid bounce on continued central bank reserve diversification and now trades at 1.4768.