Forex: Thursday's review

The yen dropped against most of its major counterparts as Japan slid into its third recession in a decade and Prime Minister Naoto Kan said he expects the central bank to maintain a flexible monetary policy.
Gross domestic product in Japan contracted an annualized 3.7 percent in the three months through March, following a revised 3 percent drop in the previous quarter, the Cabinet Office said today in Tokyo. 
The dollar pared losses against currencies of commodity exporters as data showed Philadelphia-area manufacturing grew at the slowest pace in seven months. 
The dollar reversed a loss against New Zealand’s currency after the Federal Reserve Bank of Philadelphia’s general economic index unexpectedly fell to 3.9, the weakest reading since October, from 18.5 a month earlier. Readings greater than zero signal expansion. In another report, the National Associated of Realtors said sales of existing U.S. homes slid 0.8 percent in April to a 5.05 million annual pace. 
The franc fell against the euro as Swiss Economy Minister Johann Schneider-Ammann said authorities will consider “appropriate” measures if the currency continues to strengthen.

EUR/USD: on results of yesterday's session the pair become stronger in around $1.4310.

GBP/USD: on results of yesterday's session the pair  become stronger in around $1.6230.

USD/JPY: positions of pair on results of yesterday's session practically haven't changed.