The start for this buys fundamental day was already kicked off by a much better than expected growth data from the major valve of the thumping 15-nation heart, Germany, the economy expanded 1.5% on the quarter and an annualized 2.6% much above the expected and the previous quarter.

Expectation by the European Commission were that Germany is to support ongoing growth in the Union as they are to bolster, despite allegations that the high euro and slowing demand dampened the appeal of the industrial exporting nation which will slow the wheal of production and harm growth, yet seemingly producers are coping and targeting inner and booming emerging markets abroad and finding alternative markets to support ongoing growth.

The EU nation has been so fat the strongest in the face of the US economic falter, and the global credit crisis. Their monetary policy was the leading in industrial economies to continue on hold at its rates, despite downside growth prospects and SURGING INFLATION, which to them is one of the main reasons for softening growth as consumers suffer with depreciating disposable income and their consumptions slows accordingly as they try to manage their living standards among rising food and energy prices.

The fist GDP estimate for the first three months of the year is awaited impatiently today as they are the last of major economies to pour in growth data. The economy is expected to have expanded 0.5% on the quarter after 0.4% recorded in the previous and on annual terms growth is expected to have slowed to 1.9% from 2.2% in the previous. Trichet confirmed sound economic fundamentals and ongoing growth at a slower pace and today we are to judge how much slowing is expected in the economy especially with as we said record inflation which today is expected to slow according to the flash Eurostat estimate to an annual 3.3% in April after 3.6% in March and above that the Euro's appreciation which now economies are actually starting to absorb and adopt to.

Taking off to the American session, the highlight is on industrial performance, with a number of indicators on the queue. The projections for May Empire manufacturing and April's industrial production are to reflect more softness in the sector which capacity utilization is to decline further countering inflation expectations further after the CPI data yesterday confirmed subdued fears.

Philadelphia Fed though is the sole indicator on the sector which is expected to show slight improvement yet still its deep negative and not much bright. Personally I find it extremely rational for the industrial sector to slow, especially as they try to defuse alarming swelling in inventories which will by rule of thumb slow production. For that we expect the sector to slow before picking up the pace one more until demand domestically and abroad picks up to secure those inventories and provide strong potential for more production.

Last but not least, we have the TIC flows for the month of March which is expected to have declined from February, which basically if we go back in time and remember the month of jitters especially after the Bear Stearns ordeal we find it reasonable that investors bought less US securities and my expectations are that projections might be actually too optimistic at 62.5 billion after 72.5 billion in February, nevertheless if so is true and even if its slightly below median estimates will be strong enough to cover the trade deficit which we say shrink well in March on slowing imports.

Rest a shore dear reader for the indications are all pointing to a bearish greenback today, and especially after the CPI data yesterday the concentration that was much correlated to the Feds halt on lowering rates have withered, and now the focus is on growth imputes. Stay tuned as we will be with you step by step with updates from the European and the American session as well and till then more will be brought to your senses