Session Recap: Majors consolidate ahead of the weekend

FXstreet.com (Córdoba) - FX markets had enjoy a quiet session Friday, with most majors confined to its recent ranges as investors square positions ahead of the FOMC policy meeting next week.

Rumors Barack Obama is set to name economist Lawrence Summers as next chairman of the Federal Reserve hit the markets, but had little impact amid the cautious mood.

EUR/USD remains pretty stable and consolidates just below 1.3300 and GBP/USD just above 1.5800. USD/JPY failed to break back above the 100 level and is hovering near 99.70. Meanwhile, the greenback is a tad firmer versus commodity currencies with AUD/USD around 0.9240 and USD/CAD struggling with the 100-hour SMA around 1.0340.

Attention will now turn to US data, with August retail sales data and University of Michigan confidence survey to be released.

Main Headlines in Europe:

World equity markets mixed, EUR/USD still shackled

Switzerland: Producer and Import Prices rise 0.2% in August, as expected

Gold losing “shining” on sudden price tumble

Rumors of Summers's nomination for Fed chair stir markets

EMU: Employment Change down by 0.1% in Q2