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Session Recap: Euro briefly dips below 1.3000

FXstreet.com (Córdoba) - The euro and other risky currencies weakened broadly during the European session, weighed by disappointing PMI data out of Europe and China. EUR/USD fell below 1.3000 and hit a low of 1.2972 before finding support and bouncing, helped by the positive opening in Wall Street.

The Cable also trimmed intraday losses early American session, while USD/JPY rose back to the 99.50 area. Commodity currencies also recovered ground and trade virtually unchanged against the dollar.

Main Headlines in Europe (in chronological order):

Forex Flash: Chinese data miss triggers weakness – UBS

Germany: Flash PMI Manufacturing falls to 47.9 in April

EMU: Flash PMI Manufacturing declines against expectations in April

Spain might get EU deficit target extension

S&P outlook on Japan could turn negative

European markets up despite PMI in Germany and China, Apple earnings on the way

Euro bears out of the caves

Commodities Brief – Precious metals held by key resistances, crude fortified above 88.00

Forex: EUR/GBP struggles to retrace morning decline

Having spiked to post a high at 0.8568 this morning following better than expected French PMI, spot crashed as Germany missed PMI expectations.
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Forex Flash: Gilts eye correction movement – RBS

According to Technical Strategist Dmytro Bondar at RBS, “Gilts met the first target of 119.93 and tested the 120.00 resistance, from where a correction looks likely, however the overall view remains constructive, looking for a test of the full wave projection of 120.52.”
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