Lagarde says Q4 GDP will be “really bad”

More straight talk from French finance minister Lagarde (who used to be senior partner in a big Chicago law firm). She says Q4 GDP will be “really bad”. I like officials who will give it to you straight.

EUR/USD has slipped to the 1.3060s on horrible economic data in both the eurozone and US.

Dealers note talk that the BIS was a buyer in the 1.3080 area on the way down but was filled in quite easily.