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Session Recap: USD weakens broadly

FXstreet.com (Córdoba) - The main feature of Wednesday's session was USD broad weakness. The dollar lost over 1% versus the yen and the franc. The greenback also gave up ground against the euro and the pound and to a lesser extent versus commodity currencies. With traders still looking for an explanation, many analysts point to profit taking into the month end.

After posting a fresh weekly low, EUR/USD bounced sharply and recovered over 130 pips to reach a high of 1.2976 before losing steam. Meanwhile, GBP/USD reversed losses and managed to rise above 1.5100 while USD/JPY briefly dipped below 101.00.

Main Headlines in Europe (in chronological order):

Germany: Unemployment Change jumps to 21K in May, against projections

Commodities Brief – Gold nestled below 1400, silver gathers steam for breakout

IMF cuts China growth forecast for 2013

OECD: Global economy is moving forward at multiple speeds

European equities highly convoluted Wednesday

Germany: Consumer Prices rose 1.5% YoY in May

The advanced inflation figures in the German economy posted an annual expansion of 1.5%, surpassing estimates at 1.3% and April’s 1.1%. The Harmonised Index of Consumer Prices rose 0.3% MoM and...
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USD/CHF drops to 0.9628/29 on German CPI

A recent USD/CHF recovery was stonewalled at the 0.9660 level earlier, following the release of German economic data, which drove the pair lower.
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