Session Recap: Euro advances on upbeat data

FXstreet.com (San Francisco) - The Euro traded higher on Wednesday as the single currency was fueled by upbeat data in German. The EUR/USD rose to test the 1.3200 level again but it was rejected another time.

The industrial production in Germany advanced 1.2% between February and March, well above the 0.1% decline expected by the market. In the US, the MBA mortgage applications jumped 7% in the May 3 week.

The GBP/USD recovered the 1.5500 level with the pair testing the 1.5600 level again. The USD/JPY is closing almost flat with the pair remaining below the 99.00. The USD/CHF collapsed from 0.9400 to trade below the 0.9350.

Main headlines in the American Session:

Canada: Housing Starts fell to 174.9K YoY in April

Asmussen calls for quick implementation of EU banking union

Schaeuble: If we had more restrictive fiscal policy we would go against our international duty to reduce imbalances

PBOC announces resumption of bill issuance

Banking union? Not so fast

Forex: US Dollar index bouncing off lows

Mexico’s credit rating upgraded by Fitch

Wall Street closes higher on upbeat sentiment