IMF says Irish GDP to contract by 13.5% through 2010

The IMF sees continued contraction in the Irish economy, with a cumulative 13.5% contraction seen through next year. Only a modest recovery is foreseen after 2010, the Fund says. Downside risks to the economy are substantial and the economy remains suseptible to further external shocks.

EUR/USD trades just below 1.4000 as the market awaits the Fed statement momentarily.