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Session Recap: Euro outperforms ahead of FOMC

FXstreet.com (Córdoba) - FX market remained in calm consolidation gearing up for the upcoming risk events, i.e.: FOMC decision on Wednesday, the ECB announcement on Thursday and US NFP reports on Friday.

With Asian and European markets closed on holiday, and investors refraining from taking big positions, most crosses have been confined to ranges. However, the euro strengthened and managed to push above the 1.3200 to hit its highest since Feb 25 at 1.3221. GBP/USD rose in the wake of positive UK data and reached a 2 ½-high of 1.5590.

Main Headlines in Europe (in chronological order):

Forex: FOMC Meeting -- a major catalyst or non-event?

Osborne warns Bank of England over economic recovery plans

UK: Annual Nationwide Housing Prices climb 0.9% in April

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

Cyprus squeezes loan vote through parliament

Forex Flash: US dollar vulnerable, but only in the short-term - BTMU

BOE’s Tucker: UK economy perhaps not as bad as headline figures suggest, certainly reason for hope

UK: PMI Manufacturing ticks up to 49.8 in April

Forex: GBP/USD eyes 1.5600 on PMI

Forex Flash: Europe calm with ECB in line tomorrow - BTMU

Forex Flash: India CPI decelerated in April but should rise further on cuts in fuel subsidies – TD Securities

The Indian CPI decelerated from 5.9% in March to 5.6% Y/Y in April, printing slightly below consensus and our 5.7% forecast. According to TD Securities analysts, the decline reflected a small drop in administered and core prices, mainly fresh food, processed food and clothing. “Inflation remains above the BI’s upper target of 5.5%, and will rise further as the government has pledged to deliver cuts in fuel subsidies in May. We expect that a rise in inflation throughout the year will drive Bank Indonesia to raise interest rates by 75bp, starting in Q4’13”, wrote analyst Marcin Budkiewicz.
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Forex: GBP/USD consolidates gains at 1.5570

The GBP/USD jumped on the back of improving UK manufacturing PMI, against expectations, rising about 50 pips to 1.5591 high. Profit taking process pulled the GBP/USD to a narrow trading range around 1.5570, where it’s offering support for the London morning gains.
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