Session Recap: USD firmer ahead of Bernanke, GBP makes big gains

FXstreet.com (Córdoba) - The USD trades a touch firmer versus most of its major competitors ahead of Federal Reserve Chairman Ben Bernanke's semiannual testimony before the Congress.

Bernanke will testify before lawmakers at 14:00GMT, with investors looking for any hints of when the central bank plans to begin tapering its bond-buying program. His prepared remarks will come out at 12:30GMT.

In the FX space, the Sterling is outperforming its rivals after the BoE minutes showed the MPC voted unanimously against more QE, with GBP/USD rising over 160 pips toward a fresh 2-week high of 1.5243.

Elsewhere, majors remain largely within the ranges seen in recent days. EUR/USD is little changed around 1.3140, while USD/JPY remains capped by the 99.80 level. Commodity currencies are a tad softer on the day with AUD/USD and USD/CAD around 0.9210 and 1.0380 respectively.

Main Headlines in Europe:

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

Greek lawmakers set to vote on new controversial austerity measures

Talk of imminent Spanish sovereign downgrade

BoE Minutes: MPC voted 9-0 to keep QE steady

EMU: Construction Output slides by 0.3% in May