The summer turned out to be fantastic for US GDP. For the second time in a row, the US Q3 GDP estimate has come in well above street expectations, indicating that the spring rebound momentum carried right on through the summer. This news, along with positive GDP from Singapore and in-line GDP from Germany has helped to offset OECD GDP forecast cuts announced today. In fact, with the OECD cutting its US forecast on the same day that GDP actually beat expectations, one has to wonder if some of the forecasts from big global agencies have become overly gloomy lately. European indices, meanwhile, have also been ignoring the OECD and climbing on speculation that the ECB may finally be ramping up its asset purchase program. In commodities today, crude oil is bouncing back a bit with traders still trying to figure out if OPEC will cut production on Thursday or not. CAD is bouncing back, getting some help from better than expected Canadian retail sales and speculation in the OECD report that the Bank of Canada could raise interest rates in May 2015 which would be a lot sooner than the crowd has been thinking. The loonie is outperforming dramatically relative to NOK, reversing a recent trend of NOK outperformance. In addition to the loonie, JPY has been bouncing back a bit on what appears to be a technical rebound. EUR and continental currencies have slipped back a bit relative to USD. AUD and NZD, are the worst performers of the day after comments from RBA Deputy Governor Lowe who indicated the Dollar remains unusually high sparking more fears that the threat of RBA and/or RBNZ interference in forex trading remains elevated. Corporate News There is no major corporate news this morning. Economic News Economic reports released overnight and this morning include: The OECD updated a number of its GDP forecasts this morning, including: World 2014 cut to 3.3% from 3.4% US 2014 cut to 2.2% from 2.6% US 2015 cut to 3.1% from 3.5% Eurozone 2014 cut to 0.8% from 1.2% Eurozone 2015 cut to 1.1% from 1.7% China 2014 cut to 7.3% from 7.4% China 2015 cut to 7.1% from 7.3% Japan 2014 cut to 0.4% from 1.2% Japan 2015 cut to 0.8% from 1.2% US Q3 GDP update 3.9% vs street 3.3% vs previous 3.5% US Q3 core PCE inflation 1.4% as expected Canada retail sales 0.8% vs street 0.5% Canada retail ex auto 0.0% vs street 0.3% Germany GDP 1.2% as expected Italy retail sales (0.5%) vs previous (3.1%) UK house purchase loans 37.0K vs street 38.5K Sweden producer prices 2.1% vs previous 1.7% Norway Q4 consumer conf 15.4 vs previous 21.2 Singapore GDP 2.8% vs street 2.5% China leading indicator 305.7 vs previous 303.0 NZ 2-year inflation estimate 2.0% vs previous 2.2% Economic reports due later today include: 9:00 am EDT US S&P/CS house prices street 4.60% 10:00 am EDT US consumer confidence street 96.0 10:00 am EDT US Richmond Fed street 16