Session Recap: G20 comments boost yen crosses, EUR/USD benefits

The session was driven mainly by G20 headlines and some officials' comments. The yen initially strengthened on expectations members of the group of nations could pledge not to target FX rates, but weakened after those expectations were smashed. G20 said just wants to avoid excessive FX volatility, disorderly movements. Much better-than-expected US manufacturing data and Bernanke upbeat comments helped to boost the greenback. Meanwhile, the EUR/USD was dragged higher by the EUR/JPY spike.

Main Headlines in Europe (in chronological order):

ECB won't cut rate just to weaken Euro, says ECB's Weidmann

.aspx?storyid=0012d318-6e00-406f-855a-db5768a05fdf">G20 officials to discuss currency wars

ECB’s Draghi: Currency chatter is inappropriate

G20: Draft communique released. no mention of commitment not to target FX rates

European markets down on calls for less attention to fiscal and monetary stimulus

Fed’s Bernanke says US economy is recovery

US: NY Empire State index rose to 10.04 in February

Forex: USD/JPY soars on G20 draft, US data

Commodities Brief – Gold prices collapse on heels of G20 statement