Session Recap: The USD extends decline on Fed QE hopes

FXstreet.com (San Francisco) - The Greenback extended its decline against its major competitors on Thursday amid weaker than expected Jobless claims and GDP data in the United States. That data suggested that the Fed is far from tapering the QE.

The EUR/USD jumped above the 1.3000 level to touch May 9th highs; the GBP/JPY conquered the 1.5200 area to trade at 1.5230. The AUD/USD tested the 0.9700 price after extending recovery from multi-month lows at 0.9525.

The USD/CAD continued with its collapsed from 1.04 lows to break below the 1.0300 in the last few hours. The USD/JPY tested the 100.50 area and currently it is trading at 100.70 while the USD/CHF has fallen to 0.9530.

Main headlines in the American session:

US: GDP expanded 2.4% YoY in Q1

US: Initial Jobless Claims rose to 354K

US: Annual Pending Home Sales grow 10.3% in April

US sells 7-year notes at 1.496% vs 1.515% expected

France and Germany agree on banking union timetable

Wall Street closed positive on Fed non-tapering talks