Forex | Forex | European markets with slight declines; Euro and Pound consolidating at high levels (31/07/2009 09:44:00)

European markets with slight declines; Euro and Pound consolidating at high levels

FXstreet.com (Barcelona) - European markets have opened Friday's session with slight declines as investors are acting with caution, ahead of the U.S. GDP data, due at 13:30 GMT. Euro and Pound remain at levels right below intra-day highs consolidating after Asian session rallies.

Eurostoxx 50 Index drops 0.22% while German Dax Index sheds 0.20% and French CAC Index remains at its opening level. In the UK, London FTSE Index edges down 0.10%.

Traders are acting with caution, in order to consolidate gains from at month's end, after last week's rallies, and ahead of U.S GDP data.

In the macroeconomic front, Euro Zone Unemployment rate grew to 9.4% in Jun from downwardly revised 9.3% in May, the highest jobless rate in the last 10 years.

Euro and Pound, consolidating after rallies

GBP/USD is trading in a range from a.65.30 to 1.6575, right below 4-months high at 1.6585, after its rally from levels around 1.6475 during Asian session.

EUR/USD rally from 1.4060 low during Asian session has halted at 1.4145 intra-day high, and the pair has pulled down to levels below 1.4100 to pick up to 1.4105 t the moment of writing.

USD/JPY is moving back and forth in a range from 95.20 to 95.90 after rally from 94.85 low yesterday.
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