A report from Ifo, France's Insee and Italy's ISAE forecasts Eurozone growth to slow in Q1 to 0.3% from 0.7% in Q4 of 2006. Growth is seen rebounding to 0.5% in the second quarter. The report does not say so, but perhaps the German VAT hike is responsible for expectations of a slower first quarter.
EUR/USD is under fresh pressure after a bounce to 1.2930. 1.2900 is under attack, but is expected to be defended vigorously. 1.2880 stops are seen below the market.
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