Session Recap: USD a tad firmer but still in ranges

FXStreet (Córdoba) - The USD is a tad firmer Thursday but remains in narrow ranges against the majors. The GBP was once again the big mover during the European morning, falling sharply in the wake of UK GDP numbers and a larger than expected UK Apr public finance deficit.

GBP/USD dropped back below 1.6900 while EUR/GBP rose above 0.8100 after data. Meanwhile, the EUR/USD bounced from a low of 1.3653 and stabilized around 1.3670 following a string of mixed Eurozone PMIs.

The USD/JPY hit a 1-week high of 101.75 before losing momentum. The AUD/USD has erased completely its intraday gains and is back to 0.9240, while the USD/CAD is nearly flat around 1.0910.

European stocks opened higher supported by better risk sentiment but then retraced gains weighed by Eurozone PMIs.

During the New York session watch for US jobless claims, May manufacturing PMI and housing data.

Main Headlines in Europe:

France Business Climate came in at 99 below forecasts (100) in May

France Markit Manufacturing PMI registered at 49.3, below expectations (51) in May

European Outlook: Stronger China PMIs boosts risk appetite

Asia EM Express: China PMI Manufacturing at 5-month high in May

Germany: Flash PMI Manufacturing slides to 52.9 in May

European open higher supported by positive sentiment

EMU: Flash PMI Manufacturing growth slows down more than expected in May

UK: Flash GDP up 0.8% in Q1, as expected

United Kingdom Public Sector Net Borrowing above expectations (£3.5B) in April: Actual (£9.631B)