FXStreet (Córdoba) - The US dollar has managed to reverse losses after a weak start to the session as risk aversion picks up with headlines of Russian troops entering in Ukraine hitting the wires.

The dollar is recovering ground versus most majors, with the main exception of the yen that is also benefiting amid risk aversion. The USD/JPY has printed a fresh 6-day low of 103.55.

The EUR/USD fell back to the 1.3170 area after hitting a fresh weekly high at 1.3220, while the GBP/USD dropped to 1.6565 after peaking at 1.6612 earlier on the day. Commodity currencies are pulling back from recent highs, having retraced intraday gains versus the greenback.

Elsewhere, gold rose more than 1% to $1,295 an ounce while stocks are deepening losses in Europe.

The second estimate of US Q2 GDP is the highlight today, but initial weekly jobless claims and pending home sales are both on tap.

Main Headlines in Europe:

Spain Gross Domestic Product (YoY) 1.2% in 2Q

Switzerland Employment Level (QoQ) below forecasts (4.207M) in 2Q: Actual (4.196M)

Germany Unemployment Rate s.a. meets expectations (6.7%) in August

Germany Unemployment Change above expectations (-5K) in August: Actual (1K)

European stocks pull back, focus on data

ECB’s QE closer? – Danske Bank

European Monetary Union Economic Sentiment Indicator came in at 100.6 below forecasts (101.5) in August

Gold rises for a third day

Poroshenko declares that Russian military invasion has now taken place

It’s safe haven time again as Russian invasion news filters through

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