Forex Traders Await Spanish Budget News

Spanish GDP is due out today with expectations of a 0.4% drop in the economic activity.  The release will be followed by a press conference with Marta Fernandez, Spain’s deputy budget minister, and Antonio Beteta, deputy minister for public administration, who will discuss the country’s economy, its budget, and what will be down to cut its deficit.  Underpinning Spain’s problems is massive unemployment, with the figure hitting 24.4% last month, and a banking sector whose balance sheets are deteorating.