CBO raises deficit forecast to $1.43 Trln in 2010

The US will run a $1.43 trln deficit in 2010 versus an earier forecast for a $1.1 trl deficit made in March, the Congressional Budget Office says. The size of the revision ($330 bln) is about the size of the average deficit for the last 8 years, to put things in perspective.

EUR/USD has fallen to fresh session lows around 1.3830 on the news. Stocks are down 1.2% at the moment.