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Session Recap: USD resumes gains, GBP weighed by data

FXstreet.com (Córdoba) - The US dollar resumed the upside on Tuesday and advanced versus most competitors as investors await Bernanke testimony and the FOMC minutes on Wednesday. Dollar gains were more evident versus the pound, which weakened on the back of soft UK inflation data and fell to a fresh 7-week low of 1.5138.

Meanwhile, the EUR/USD slid to a daily low of 1.2840, while USD/JPY climbed to the 102.80 area. European markets trade mostly lower, although holding near 5-year highs.

Main Headlines in Europe (in chronological order):

Fed-Speak to dominate EUR/USD trading in coming days

Germany: Annual Producer Price Index grows 0.1% in April

Flash: Majors retreated from USD ahead of Bernanke speech - OCBC Bank

UK: Annual CPI at 2.4% in April

UK: Annual Retail Price Index grows less than expected in April

Spain sells short-term debt at higher yields

Commodities Brief – Gold rally capped at 1399, precious metals shed overnight gains

Van Rompuy: Taxation and energy to top EU summit agenda

European equity markets in decline Tuesday

Flash: Crude contraction threatens to initiate specter of deflation – UBS

According to the UBS Research Team, “In the United States, the risk of deflation would be compounded if oil prices fell.”
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EUR/USD finds support around 1.2840

The shared currency found buying interest in session lows around 1.2840 on Tuesday, lifting the cross to the current area of 1.2860/65 amidst renewed USD strength...
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