The SPX 500 sits about 2 points higher than Thursday’s close on the S&P (as of 8:50am). We had the release of US GDP q/q, which came in below expectations (2.2% Actual vs. 2.5% Expected). There wasn’t an initial negative reaction because the growth is still greater than we have seen in the past.
The EUR/USD remains range bound still. Yesterday, we had Standard and Poor’s released the downgrade of Spain’s credit rating to BBB. This was not a major surprise considering their unemployment is above 24%. The USD looks to decline as we head into the US open, sentiment may view the release as risk on for more easing in the future.
