Session Recap: USD gains ahead of Bernanke, FOMC minutes

FXstreet.com (Córdoba) - The US dollar was underpinned during the European session, accomplishing gains versus most competitors with the main exception of the euro, which got support from the crosses. The Swiss franc weakened broadly in the wake of SNB Jordan comments who said that an adjustment of the EUR/CHF floor and negative interest rates were not excluded as means of defending the franc cap.

Meanwhile, the pound took another hit on and fell to a fresh 7-week low against the dollar after a 1.3% monthly decline for April retail sales was reported in the UK versus a 0.1% gain expected, while the May BoE minutes held no surprises.

Looking ahead, Fed Chairman Bernanke will testify before the Congress and the minutes from the last FOMC meeting will be published.

Main Headlines in Europe (in chronological order):

BoJ's Kuroda: No considerable jumps in yields expected

Flash: What does the EUR/USD have to offer? – Commerzbank and UBS

Eurozone: Current Account surplus widens more than expected in March

UK: Annual Retail Sales grow 0.5% in April

Commodities Brief – Precious metals holding ahead of FOMC, crude eyes key support at 95.50

BoE Minutes: MPC voted 6-3 to maintain QE at £375B

SNB's Jordan: Franc cap shift not excluded

European equities fall across the board Wednesday

Euro bulls warming up