Session Recap: Dollar strengthens versus European peers

FXStreet (Córdoba) - It is a transition day in the FX market after Draghi’s shock Thursday, with the dollar trading higher against European peers and little changed versus the yen and currencies linked to commodities.

The EUR/USD continues to move south weighed by Draghi's hint at a rate cut, having recently broken below 1.3800 to trade at its lowest in 10 days, while the GBP/USD is also under pressure, having lost the 1.6900 mark. Data-wise flow has been light for the Eurozone while in the UK trade deficit shrunk and industrial production fell less than expected.

European stock fell from a six-year high reached the prior day in the wake of the Draghi's words, while US futures also declined.

Main Headlines in Europe:

Germany Trade Balance s.a. came in at €14.8B disappointing forecasts (€16.6B) in March

GBP/USD end of the up move looming? – Commerzbank

United Kingdom Industrial Production (MoM) came in at -0.1% to beat expectations (-0.2%) in March

Asia EM Express: Indonesia, Philippines, Malaysia and South Korea hold rates steady in May

Portugal Unemployment Rate declined to 15.1% in 1Q from previous 15.3%

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