FXstreet.com (Buenos Aires) - Majors consolidate during the European session trading in small ranges despite some good news, in Europe (German economic sentiment ZEW survey, posted a stronger-than-expected rise in April, as economic expectations index rose to 13 from -3.5 in March), and with no major news in the U.S. stocks lead the way again. Wall Street rose 127 points, almost 1.6% after previous session sell off. Despite a negative open, Timothy Geithner, Secretary of the U.S. Treasury helped lifting sentiment after defending the Troubled Asset Relief Program, and other attempts to help stabilize the banking system. After his speech, Wall Street turned up, supporting some Euro and Gbp upside movements. Dollar lost across the board except against Japanese Yen that is slowly returning to its previous bearish trend, and Canadian dollar, that fell after BOC surprise with a rate cut, that left the benchmark in a fresh record low of 0.25%, and announces expectations of shrinking GDP, putting quantitative easing on the table for one more country, yet finally managed to recoup the lost ground on rising oil prices.
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