Forex | Forex | European markets decline ahead of payrolls report; Euro and Pound at lower levels (07/08/2009 08:58:00)

European markets decline ahead of payrolls report; Euro and Pound at lower levels

FXstreet.com (Barcelona) - European markets are going through losses on Friday with banks' shares lower as RBS Bank reported larger than expected losses in the first half and investors' concerns about a worse than expected non-farm payrolls report later today. Euro remains flat while the Pound dipped lower.

Eurostoxx 50 Index drops 0.72% while German DAX Index sheds 0.77% and the french CAC Index falls 1.0%. In the UK, the FTSE Index drops 1.05% in the first hours of trading.

Banks' shares have been hit by quarterly earnings report by the Royal Bank of Scotland, which reported a net loss of GBP1.05 billion in the first half of the year.

Euro sideways, Pound dips lower

GBP/USD retreat from the sideways range around 1.7000 where it had been during the last three days, has extended to levels below 1.6750, hitting 1.6720 low.

EUR/USD remains trading in a range above previous 2009 high at 1.4338 and former support around 1.4370 working as resistance on early European session. The Euro has piked up momentum and, at the moment of writing, is testing 1.4370 area.

USD/JPY decline from yesterday's high at 95.80 has extended lower during European session, as the Yen broke below 9520 intra-day low to hit 95.05. At the moment, the Dollar trades at 95.15; 0.33% below its day-opening price action.


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