Session Recap: USD remains weak

FXstreet.com (Córdoba) - The US dollar remains soft versus, extending its recent decline, although the European session has been mainly consolidative. USD dropped against all the major currencies this week, except the Canadian dollar.

The euro and the yen reached fresh 7-week highs versus the greenback, with EUR/USD peaking at 1.3368 and USD/JPY bottoming out at 96.09. The GBP/USD remained strong, consolidating within a tight range just below yesterday’s high of 1.5530.

The AUD/USD rose to a weekly high of 0.9088 underpinned by upbeat China trade data, while USD/CAD consolidated above 1.0400.

Up ahead, US weekly jobless claims are the highlight of the US calendar.

Main Headlines in Europe:

EUR/USD may be setting up for a top at or near 1.3414; data will drive the action

Switzerland: Unemployment Rate steady at 3.2% in July

Germany: Trade surplus widens more than projected in June

Bourses in Europe up on China, EUR testing 1.3370

BoJ's Kuroda: Loose fiscal discipline could weaken effects of monetary easing

ECB Monthly Report: Rates will stay low for extended period of time

A mixed Inflation Report for Bond Markets