Session Recap: Ugly US data weight the Dollar; USD/JPY remains below 100.00

FXstreet.com (San Francisco) - The Greenback traded lower on Wednesday against its major competitors as investors were cautious on the back of an ugly US durable goods data that surprised market. Italy has done a new step to normalization after president Napolitano called Enrico Letta to form government.

The EUR/USD recovered losses from 1.2950 to trade above the 1.3000 level again; The GBP/USD moved sideways between 1.5240 and 1.5270 during almost all the session. The USD/JPY advanced a little more on its 100.00 conquest and currently it's trading at 99.60.

Main headlines in the American session:

US: Durable Goods Orders fell 5.7% in March

Enrico Letta named Italian PM

American equity markets edge higher despite weak US durable goods

Yen crosses under pressure as US equity indices trade near lows

Fitch cuts the Old Lady to AA+

Forex: EUR/USD back above 1.3000

Apr 24, 2013

Forex Flash: EUR/USD could fall toward 1.2600 - UBS

FX markets ignored on Wednesday bad data out of Europe and out of the US, according to the UBS analyst team. "In Germany a weak ifo index re-inforced expectations for a rate cut by the ECB on May 2nd. In the US a surprising fall of durable goods orders questioned the timing for tapering off the quantitative easing program".

Wall Street closes mixed on bad US data and earnings

While the Dow Jones closed lower on Wednesday, the S&P 500 ended flat and the Nasdaq finished the day with gains as investors were trading on mixed corporate earnings and an ugly durable goods orders.