Figures last night showed that the US Economy had grown faster than had been predicted during the second quarter of this year. The official figure came out at 1.7% which was 0.2% up compared to the earlier predictions although is still down on the first quarter of this year. Last week we heard predictions from the US Congress who stated that they expect a sharp contraction in the US economy during 2013 which is not just bad news for Obama in the run up to an election but could be bad news for the global economy as where America leads many other economies follow. Congress mentioned in their report that substantial changes needed to be made in the States in relation to spending policies and taxation to try and avoid this slowdown and a possible recession but as mentioned earlier the upcoming US election is likely to make it difficult for Obama to change these policies while he is canvassing for votes to get his second term as President. If the US does fall into recession it could lead to US Dollar weakness but it could also cause weakness for the rest of the currency market with Euro exchange rates and Sterling exchange rates particularly vunerable.

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