Forex | Forex | European markets open with gains ahead of U.S. payrolls; Euro and Pound, rangebound (04/09/2009 08:49:00)

European markets open with gains ahead of U.S. payrolls; Euro and Pound, rangebound

FXstreet.com (Barcelona) - European markets have opened Friday's session on strong note while the markets attention remains on U.S. non-farm payrolls report. Euro and Pound remain sideways somewhat below Thursday's highs.

Eurostoxx 50 Index adds 0.8%, while German DAX index adds 0.79% and tthe French CAC index advances 0.55%. In the UK, London FTSE Index trades 0.85% above its opening level.

Downside momentum seen earlier this week in stock markets seems to have lost intensity, and equities start to pick up, today, investors risk appetite seems to have been fuelled by Wall Street's positive opening as well as by strength on the basic resources sector, following the recent appreciation on gold prices.

Euro and Pound in range

EUR/USD remains trading in a range from 1.4235 to 1.4280 ahead of non-farm payrolls report later today. The pair attempt to break higher was capped at 1.4289 and the Euro returned to levels around 1.4270.

GBP/USD drop from Thursday high at 1.6415 has found support at 1.6305 Asian session low the pair stretched towards levels right below 1.6350. On the 4 hour chart, the Pound trades right at the 100 SMA which has capped Pound rallies since its drop from 1.7045 year high.

USD/JPY recovery form 91.95 low on Thursday has continued during the European session so far, ad the Dollar reaches levels at 92.85 at the moment of writing.
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