Session Recap: USD weakens broadly

FXstreet.com (Córdoba) - The main feature of Wednesday's session was USD broad weakness. The dollar lost over 1% versus the yen and the franc. The greenback also gave up ground against the euro and the pound and to a lesser extent versus commodity currencies. With traders still looking for an explanation, many analysts point to profit taking into the month end.

After posting a fresh weekly low, EUR/USD bounced sharply and recovered over 130 pips to reach a high of 1.2976 before losing steam. Meanwhile, GBP/USD reversed losses and managed to rise above 1.5100 while USD/JPY briefly dipped below 101.00.

Main Headlines in Europe (in chronological order):

Germany: Unemployment Change jumps to 21K in May, against projections

Commodities Brief – Gold nestled below 1400, silver gathers steam for breakout

IMF cuts China growth forecast for 2013

OECD: Global economy is moving forward at multiple speeds

European equities highly convoluted Wednesday