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Session Recap: USD weaker, GBP soars

FXstreet.com (Córdoba) - GBP strength was the main feature of Thursday's European session as the pound soared across the board after the UK reported stronger-than-expected Q1 GDP figures, avoiding (at least for now) a triple-dip recession.

The rest of the currencies enjoyed a risk-on session, with EUR/USD nearing 1.3100 before being rejected. The USD/JPY retreated despite better-than-expected US jobless claims. With the Wall Street opening however, risk appetite has started to recede.

Main Headlines in Europe (in chronological order):

UK: Annual GDP rises 0.6% in Q1

German FinMin urges EU countries to continue implementing structural reforms

European markets down except for Germany on Merkel comments

Merkel in favor of ECB rate hike

US: Initial Jobless Claims fell to 339K

Commodities Brief – Precious metals surge, crude makes failed break at 92.00

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