Monday, November 16, 2009

European markets advance on improved risk appetite; Euro and Pound recoveries stall

Mon, Nov 16 2009, 10:29 GMT (Barcelona) - European markets have opened the week on a bid tone, boosted by bright Japanese GDP data and Wall Street's advance on Friday. In FX Markets, Euro and Pound recoveries from last week's lows have stalled.

Eurostoxx 50 Index trades 0.9% up, while German DAX Index advances 1% up, and the French CAC Index adds 0.80%. In the uK, the FTSE Index trades 1.1% up in the first hours of trading.

On the macroeconomic domain, inflation on the Euro Area has been negative for the fifth consecutive month in year on year terms, CPI has risen 0.2% in October and edged down 0.1% since October last year..

Euro and Pound's recoveries stall

EUR/USD recovery from 1.4825 low on Friday extended during Asian session although the pair has has stalled after hitting 1.4995 on early European session, and trades around 1.4965 at the timer of writing.

GBP/USD recovery from 16515 low in November 12 has reached 1.6750 high on Monday´s European session and the Pound has pulled down, reaching levels below 1.6700 and testing 1.6685 support at the moment of writing.

USD/JPY is trading in a range roughly from 89.40 to 89.70, consolidating at levels below 90.00 psychological level since its decline from 90.60 high in November 12.

EUR/USD (Nov 16 at 11:37 GMT)

1.4960/62 (0.28%)

H 1.4994 L 1.4914

[?]Trend Index[?]OB/OS Index
Slightly BearishNeutral
Data updated on Nov 16 at 11:35 (15-minute timeframe)


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