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Session Recap: Euro advances on upbeat data

FXstreet.com (San Francisco) - The Euro traded higher on Wednesday as the single currency was fueled by upbeat data in German. The EUR/USD rose to test the 1.3200 level again but it was rejected another time.

The industrial production in Germany advanced 1.2% between February and March, well above the 0.1% decline expected by the market. In the US, the MBA mortgage applications jumped 7% in the May 3 week.

The GBP/USD recovered the 1.5500 level with the pair testing the 1.5600 level again. The USD/JPY is closing almost flat with the pair remaining below the 99.00. The USD/CHF collapsed from 0.9400 to trade below the 0.9350.

Main headlines in the American Session:

Canada: Housing Starts fell to 174.9K YoY in April

Asmussen calls for quick implementation of EU banking union

Schaeuble: If we had more restrictive fiscal policy we would go against our international duty to reduce imbalances

PBOC announces resumption of bill issuance

Banking union? Not so fast

Forex: US Dollar index bouncing off lows

Mexico’s credit rating upgraded by Fitch

Wall Street closes higher on upbeat sentiment

Wall Street closes higher on upbeat sentiment

The US stocks market closed on Wednesday as investors' confidence was fueled by upbeat industrial production data in Germany and the jump in the MBA mortgages. The Dow closed at record high and the S&P 500 ended at record high for fifth straight session.
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Forex Flash: Ahead of NZ jobs, NZD risks tilted to the upside - BNZ

If yesterday's action in the Kiwi arena was not enough, we’re bracing for more NZD fireworks today, notes Mike Jones, currency strategist at Bank of New Zealand.
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