Traders have spent the morning digesting the ton of economic news that has come out overnight and appear set to spend the day getting ready for next week’s deluge of news which includes PMI reports from around the world, US employment figures and four central bank meetings, two of which (Australia and Canada) have traders speculating on the potential for additional interest rate cuts. USD has given back some of yesterday’s gains in normal backing and filling. US Q4 GDP fell from the previous estimate but not as much as the street had feared. Traders in Europe remain focused on the ECB’s upcoming QE stimulus program which could start as soon as next week. Gold is consolidating yesterday’s rally. The biggest action today has been in Sweden where SEK is staging a big rebound. Swedish GDP and retail sales came in a lot better than expected and indicate a more robust economy than recent cuts to negative interest rates would have suggested. The Sweden30 has been steady today but has already stormed from just above 1,400 to a recent high just below 1,700 over the last six weeks. Crude oil is trying to bounce back today from yesterday’s weakness as its topsy turvy trend continues. Brent is holding $60 but WTI remains stuck under $50. Natural gas remains flat on the mat after getting crushed yesterday with the worst of the winter cold expected to start fading in the coming days (hopefully soon after spending the entire month of February below freezing) Corporate News There are no major corporate announcements this morning. Economic News Economic reports released overnight and this morning include: US Q4 GDP updated 2.2% vs street 2.0% vs previous 2.6% US Q4 personal consumption 4.2% vs street 4.3% US Q4 core PCE inflation 1.1% as expected Japan unemployment rate 3.6% vs street 3.4% Japan household spending (5.1%) vs street (4.1%) Japan consumer prices 2.4% as expected Japan CPI ex food and energy 2.1% as expected Japan industrial production (2.6%) vs street (3.1%) Japan retail sales (1.3%) vs street (1.2%) Japan vehicle production (9.7%) vs previous (2.5%) Japan housing starts (13.0%) vs street (11.6%) Spain consumer prices (1.1%) vs street (1.5%) Italy consumer prices 0.1% vs street (0.3%) Germany consumer prices 0.1% vs street (0.3%) Sweden GDP 2.7% vs street 1.5% Sweden producer prices 0.2% vs previous (0.1%) Sweden retail sales 5.1% vs street 3.8% Norway retail sales (0.7%) vs street 0.5% Norway manufacturing wages 0.9% vs previous 1.9% Norway unemployment rate 3.0% as expected Greece retail sales (3.7%) vs street (2.5%) Greece GDP (0.4%) vs previous 1.5% Economic reports due later today include: 9:45 am EST US Chicago PMI street 58.0 10:00 am EST US pending home sales street 8.7% 10:00 am EST US consumer sentiment street 94.0 1:00 pm EST US Baker hughes drill rig count previous 1,310