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US Q4 GDP Revised to the Upside: 3%. The first read was 2.8%, and expectations stood on a growth rate above 3%.

The figure is annualized. Q1 is also expected to see good growth.

The accompanying  GDP Price Index was revised from a rise of 0.4% to 0.9%. The personal consumption component, which is dominant in the US economy, was revised from a rise of 2% to 2.1%.

The bigger event today was the ECB’s second LTRO, which reached almost 530 billion euros. The ECB’s balance sheet is now larger than that of the Federal Reserve.

The Chairman of the Fed, Ben Bernanke, will provide another big event for today with his testimony. He is expected to see the dark side of the economy,  disregarding  this good figure for Q4 and the recent positive job figures.

Today, February 29th, is a special day indeed.  EUR/USD is stable around 1.3440. Note that end-of-month adjustments could shake currencies later on.

The Chicago PMI is also due at 14:45. It’s expected to yield a score oof 61.6 points, better than last month.

 

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