A bit of a disappointing set of figures from the US with Personal Income falling by 1.3% while Consumption rose by 0.4%. The Core PCE price index rose by an as expected 0.2% in June but only rose 1.5% y/y. The fall in the savings rate to 4.6% in June from 6.2% in May will be the major talking point. Maybe a few consumers were tempted out of the woodwork by the cash for clunkers scheme. Eur/Usd is getting a small lift from the news at 1.4395, with orders seen in the 1.4400/10 area.