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Session Recap: USD recedes but caution persists

FXstreet.com (Córdoba) - The US dollar extended gains versus most competitors during the European session, securing major gains versus commodity currencies which were hurt by weaker-than-expected China Q1 GDP. However, as we approach the US opening, the USD has given up ground versus European currencies. The yen was also strengthened across the board, benefited by its safe haven status.

Metals slumped, with gold dropping over 6% to a low of $1385 an ounce at one point during the European session while European markets were mostly down.

Main Headlines in Europe (in chronological order):

Kuroda: Monetary policy will work only with support from financial sector

Forex Flash: What does the EUR/USD have to offer? – UBS and Commerzbank

Commodities Brief – Gold prices fall to 2010 lows, crude races to 91.00

Greece reaches bailout agreement with the Troika

EMU: Trade deficit shifts to surplus in February

Fundamental Morning Wrap: JPY still the main show in town

European markets and US futures in “risk-off” following China GDP

Lack of direction persists in the euro

Portugal unveils new austerity measures to appease the Troika

US: NY Empire State Manufacturing index fell to 3.05 in April

Forex Flash: Europe is over-saving like never before - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale believes that Europe is over saving like never before.
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