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Session Recap: USD falls weaker than expected US GDP data

FXstreet.com (San Francisco) - The greenback traded on Friday on wait and see mode after US GDP but before next week central banks meeting. Dollar Index retreated for the third consecutive session. The US GDP data disappointed traders after expanding 2.5% in the Q1 vs the 3.0% estimated. The data released by the US Bureau of Economic Analysis was the first preliminary. The GDP eclipsed the advance in the Consumer sentiment to 76.4.

In the European side, Spanish government approved a battery of new austerity measures and informed that the kingdom will delay the deficit goal for two years in accordance with EU agreements. The Rajoy's government now sees the economy contracting 1.3% in 2013. After being questioned by journalist about the austerity measures and the results in the economy such as 27.2% unemployment, the government spokesman blamed it on Brussels' politicians.

The EUR/USD traded sideways around the 1.3000; The Sterling continues with its post-UK-GDP advance and it rose to the 1.5500 level. The USD/JPY declined from 99.40 to the 97.60 area after a lackluster BoJ meeting.

Main headlines in the American Session

US: GDP expanded 2.5% YoY in Q1

Forex: EUR/USD climbed to 1.3040 on US GDP

Germany assures it has no intention of influencing ECB’s monetary policy decision

American equity markets a mixed bag at opening

US: Reuters/Michigan Consumer Sentiment beats consensus and jumps to 76.4 in April

Spanish given extension to reduce debt

Schaeuble says debt mutualization would lead to a German downgrade

Germany to agree with Spain on a program to boost growth

Wall Street closes mixed but with weekly gains

Wall Street closes mixed but with weekly gains

The US stocks market closed mixing red and green numbers with the Dow advancing but the S&P 500 and Nasdaq declined on Friday. Investors were cautious on weaker than expected US GDP in the Q1.
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Forex: EUR/USD on wait and see mode ahead the big bank's week

The Euro traded mostly sideways on Friday against the Dollar. The pair was unable to break above the 1.3035 resistance and it closed the day at 1.3030. The EUR/USD seems to be trading in wait and see mode just ahead of the big banks week ahead when the Fed and the ECB will hold their monetary policy meetings.
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