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Session Recap: USD reverses losses ahead of US GDP

FXstreet.com (Córdoba) - The US dollar continued to weaken across the board on Thursday and trades lower versus most competitors. However, ahead of the NY opening, the greenback managed to reverse early losses.

EUR/USD briefly rose above 1.3000 also underpinned by positive eurozone data, while the pound tested 1.5200 before losing steam. USD/JPY bounced from the 100.45 zone, and has climbed over 100 pips within the last hours amid Japan's official comments.

Attention now turns to the US, where a batch of economic indicators, including jobless claims, Q1 GDP revision and pending home sales, are due for release.

Main Headlines in Europe (in chronological order):

Switzerland: GDP expands 0.6% in Q1

UK: Annual Nationwide Housing Prices rise more than expected in May

Spain Gross Domestic Product (QoQ): -0.5% in 1Q; -2% (YoY)

EMU: Consumer Confidence improves slightly in May

Commodities Brief – Precious metals trading near intraday highs, crude oil topples toward support/200-day SMA

Decent take-up at Italian auction but yields rise

Merkel and Hollande will discuss plans for boosting growth and competitiveness

European equities rebound from three-week lows

USD/CAD finds support around 1.0330

The pair is recovering ground lost after Wednesday’s sell off, with the Canadian dollar now trading on the back foot against its neighbour on Thursday.
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