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Session Recap: Fitch hurts the Pound and the Dollar advanced in the day

FXstreet.com (San Francisco) - The USD traded higher on Friday after recovering initial losses as investors were repositioning after yesterday sell off in equities. With no real economic data, the risk aversion bolstered the correction higher.

The GBP/USD was under selling pressure the hold day the the bearishness was fueled by the Fitch's decision to remove the UK from the AAA club. The Yen declined on the end of the day. BTW, No Prime Minister in Italy yet.

Main headlines in the American session:

Fitch: Spain suffering “lost decade” without growth

German FinMin suggests ECB should reduce liquidity in EMU

Weidmann comments suggest weak economic data could be ECB policy’s Achilles heal

Forex: GBP/USD falls below 1.5300

European stocks closed higher except for Germany

Fitch downgrades UK to AA+ from AAA; Outlook stable

Forex: EUR/USD rejected from daily highs, back below 1.3100

Fitch smashes chances of further Pound recoveries after removing UK from AAA club

Prodi fails to win Italian presidential vote after fourth ballot

Forex: US Dollar Index up around 82.80/85

S&P FTW: Cuts Venezuela’s outlook during presidential inauguration

Italy’s Bersani could resign at any moment

Forex: Flash: US GDP to grow 3.2% in Q1 and 2.1% in the whole 2013 - Goldman Sachs

The US Bureau is schedule to publish the Annualized GDP for the Q1 in the United States next Friday April 26th at 12:30 GMT (8:30 ET) and the market is expecting a year to year increase of 3.0% in the first quarter of 2013. That would be a bounce from the weak 0.4% annualized growth in the last quarter of 2012.
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Napolitano re-elected Italian President

After the back and forth from the last few days, Italian politicians finally came to realize that amid the constant failures to elect a new President, the most sensible solution would be to re-elect the current one.
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