Forex | Forex | European markets open on strong note; Euro and Pound favoured (28/08/2009 09:03:00)

European markets open on strong note; Euro and Pound favoured

FXstreet.com (Barcelona) - European stock markets have opened Friday's session with strong advances, as strong quarterly earnings reports have increased confidence on global economic recovery. Euro and Pound have risen while the Yen went further down against Dollar.

Eurostoxx 50 Index adds 1.29%, while German DAX Index advances 1.23%, and the French CAC Index advances 1.15%. In the UK, the FTSE Index trades 1.05% above its opening level on early trade.

In the macroeconomic from UK GDP has been revised up to a 0.7% decline in the second quarter, and a 5.6% year on year contraction, still the largest annual fall on record.

Pound and Euro advance with markets

GBP/USD recovery from 1.6150 low in Thursday has extended to levels above 1.6300 on early European trading session and the pair trades around 1.6325 at the moment of writing.

EUR/USD which had pulled down to 1.4325 session low ahead of markets opening, hes bounced to levels around 1.4355 at the moment of writing.

USD/JPY bounce at 93.20 has extended on early European session, and the Dollar reaches levels around 94.00, testing resistance area at 93.95/00 at the moment of writing.
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