Session recap: USD doesn't give up

FXstreet.com (Córdoba) - Even though the USD started the session on the back foot, it managed to reverse losses and trades nearly flat versus major rivals as caution prevails and investors focus turns to Fed meeting next week.

The EUR/USD managed to print a fresh 23-month high of 1.3830 during the European session but later retraced gains and slipped below 1.3800 weighed by below expectations German IFO, euro zone M3 money supply and Italian retail sales.

The GBP/USD shows a similar picture, dropping below 1.6200 after failing at 1.6245 despite solid UK GDP figures. USD/JPY briefly fell below 97.00 only to bounce back to 97.30 while USD/CHF trades higher on the day at the 89.50 zone.

Elsewhere, commodity currencies are under mild pressure while in the stock market Euro Stoxx 600 and S&P futures are both flat. During the New York session watch for: US Durable Goods and Consumer Sentiment.

Main Headlines in Europe:


ECB's Asmussen: Not "specifically worried" about exchange rate

Germany: IFO – Business Climate slides to 107.4 in October

EMU: M3 Money Supply up 2.2% in September

UK: Preliminary GDP grows 0.8% in Q3, as expected

UK: Index of Services rises slightly more than expected in August

Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and Danske Bank