Forex | Forex | European markets open with losses; Euro and Pound consolidating (04/08/2009 09:12:00)

European markets open with losses; Euro and Pound consolidating

FXstreet.com (Barcelona) - European stock markets have opened with declines, with Standard Chartered PLC and Yamaha Motor Co leading losses. Euro and pound continue holding well at year highs.

Eurostoxx 50 Index losses 0.69%, while German Dax Index falls 0.88% and French CAC Index trades 0.65% below its opening level. In the UK, the FTSE Index drops 0.68%.

Shares of Yamaha Motor Co, world's second larger motorbikes maker, fell 9.9% after forecasting larger than expected losses, while Standard Chartered PLC, fell 3% as the UK bank released its plan to raise $1.69 billion in a share sale.

Euro and Pound, steady at high levels

EUR/USD continues consolidating in a range from 1.4375 to 1.4430 on the upside, after hiting a fresh 2009 high at 1.4445 ahead of Asian session opening.

GBP/USD rally from 1.6470 has found resistance at 1.7000 and the Pound remains testing the mentioned level which has not given way so far., During European session, the Pound has been fluctuating between 1.6900 and 1.7000.

USD/JPY reversal from 95.45 high has triggered a bearish reversal and the pair has lost all the ground taken yesterday, dropping to 94.35 low.
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