GDP shrinks 6.1%, worse than forecast

Government spending dropped in Q1, according to this data. Yeah, right.

This is the first read and subject to big revisions.

No one expected a strong Q1. More recent data has suggested stabilization. I would pretty much ignore this data.

Bulls will take heart that the US consumer continues to spend. Consumer spending rose 2.2%, according to the BEA.

EUR/USD is modestly lower at 1.3250.