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ForexLive European Wrap: It’s Mild “risk-on” Despite A Shocker On The UK GDP

|Includes: FXB, Invesco CurrencyShares Euro Trust ETF (FXE), FXF, FXY

Started off quietly and basically stayed that way with the main fireworks in sterling this morning.

EUR/USD (NYSEARCA:FXE) traded a 1.3185-1.3237 range with Middle Eastern buyers jousting with sovereign offers amongst others ahead of a barrier at 1.3250. The German bund auctions were not brilliantly received, but only led a small dip back to 1.3210 before renewed demand emerged.

GBP/USD (NYSEARCA:FXB) got a kick in the guts on poor (but somewhat expected following recent construction data) Q1 GDP data, dropping like a stone from around 1.6145 to 1.6085 but picked up on some sovereign buying in the low 1.6090′s and holds around 1.6100. CBI business optimism later helped to underpin with a jump to +22 from -25, which is mildly encouraging for growth

USD/JPY (NYSEARCA:FXY) slipped to 81..07 from 81.45 but was halted by a sovereign buyer which led a bounce to 81.25

USD/CHF (NYSEARCA:FXF) tumbled to 3 week lows of 0.9079, but so far no one's prepared to extend the move down to rumored SNB bids sitting at 0.9050. EUR/CHF slept through the whole thing.

AUD/USD spent the day grinding through offers to 1.0346 from 1.0306 but has so far failed to break through 1.0350 where some buy stops lie (more through 1.0370 as well i'm now told). Bids at 1.0300/10 are now pretty solid I'm advised.

Gold slipped back around 8 bucks to 1636 but currently sits mid-range around 1640, and WTI for June delivery is up around 50 cents at 104.10

European bourses are all in the black with STOXX , CAC and DAX up around 1.5%, Spanish IBEX around 2.3% and Italy around 2.8%, with FTSE up just +0.25% after the weak GDP