FXstreet.com (Barcelona) - European markets are going through moderate advances on Wednesday, fuelled by higher prices on basic resources which have been favoured by a weaker Dollar and higher commodity prices. Euro and Pound remain trading at high levels after two-days rally.

Eurostoxx 50 Index adds 0.5%, while German DAX Index rises 0.45%, and the French CAC Index advances 0.35%. In the UK, the FTSE Index rises 0.4% in the first hours of trading.

On teh macroeconomic front, the Bank of England has released the minutes of September's meeting with no mention of discussions over the deposit rate cut, while the decisions to hold rates at 0.5% and to maintain its bond buying plan at GBP175 billion were approved unanimously.

Pound And Euro remain at high levels

EUR/USD has eased somewhat after rally from 1.4610 low on Monday hit a fresh 2009 high at 1.4843 during Asian session, and the Euro has dipped below 1.4800 although it remains above session low at 1.4785.

GBP/USD pulled down from 1.6400 to 1.6330 intra-day low ahead of the BoE minutes although the pair bounced past 1.6400 to reach intra-day high at 1.6430 area at the moment of writing.

USD/JPY decline from 92.55 high on September 21 found support at 90.50 low on Asian session, and the Dollr has tried to build up recovery from 90.70, although the pair remains capped at the 91.00 area.

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