German Govt spokesman: Q-1 GDP contraction unlikely to be repeated

Comments from German Government spokesman Thomas Steg on the wires. He feels the sharp contraction in Q-1 GDP is unlikely to be repeated in 2009.

Steg told a news conference “There are hopeful signs that it will come to a stabilisation this year” adding “There is a lot speaking in favour of this sharp first quarter contraction, caused by the global market crisis, not being repeated in the subsequent quarters of this year.”

EUR/USD buy orders in the 1.3550/60 area have finally been filled, but it’s taken some while. We’re down at 1.3535. Technical support now at 1.3525.