Unemployment is near a peak, the poll of 52 Wall Street economists finds, with the consensus for a top unemployment rate of 10.3%. Rates will begin to go up in September of next year, just on time for the Congressional mid-term elections in November. Long live lower for longer…
EUR/USD showed a modest bounce toward 1.4875 after horrible budget deficit news. It trades now at 1.4866.
Cable tested session lows at 1.6515 this afternoon and is now bouncing, up at 1.6578. Offers are seen at 1.6590 with more at 1.6625. Stops are noted above the latter level.