Session Recap: USD mixed after loads of data, Fed eyed

FXstreet.com (Córdoba) - Pairs in the FX market mostly stuck to tight ranges as uncertainty about the future of the US QE program keeps investors on the sideline as the Fed kicks off a 2-day meeting.

EUR/USD saw a small selloff in the wake of Draghi's dovish comments, but then reversed losses and hit a fresh 4-month high of 1.3398 after a solid German ZEW survey.

GBP/USD is among the worst performers, having briefly fallen below 1.5600, weighed by mixed UK data. Meanwhile, USD/JPY managed to climb back above 95.00, supported by gains in the Nikkei futures.

Elsewhere the AUD/USD extended its slide scored a low of 0.9438, while the USD/CAD records mild gains.

Main Headlines in Europe:

Draghi: ECB ready to act

UK: Annual CPI up 3.1% May

UK: Annual PPI – Output rises less than expected in May

UK: Annual Retail Price Index grows 3.1% in May

Germany: ZEW Survey – Economic Sentiment rises to 38.5 in June

EMU: ZEW Survey – Economic Sentiment improves to 30.6 in June

G8 calls for a quick implementation of the Eurozone banking union

European equities record narrow gains