European markets advance ahead of key U.S. figures; Euro and Pound, flat

By IBTimes Staff Reporter | December 23 2009 5:25 AM

FXstreet.com (Barcelona) - European markets are going through gains on early Wednesday's session, following the track of U.S. and Asian session with investors focused on U.S personal Income and housing figures later in the day. Euro and Pound remain broadly flat.

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Eurostoxx 50 Index trades 0.75% up, while the German DAX Index advances 0.65%, and the French CAC index trades 0.73% higher. In the UK, the FTSE Index adds 0.75%.

Bank of England's minutes of its latest monetary policy meeting show that the committee voted unanimously to maintain the bank's target rate at all-tome low 0.5% as well as to maintain the GBP200 billion for it assets purchasing program.

Euro and Pound, flat above multi-month lows

EUR/USD remains trading in a tight range, between 1.4235 and 1.4265 after picking up from fresh three -months low at 1.4215 on Tuesday's U.S. session. Trading volume remains remarkably low ahead of U.S. income/spending and new home sales data.

GBP/USD flat channel seen during Asian session, from 1.5940 to 1.5980 has turned slightly bearish after BoE minutes, as the Pound broke lower to test 1.5920 support.

USD/JPY rejection at 97.85, fresh 2 month high, found support during Asian session at 91.55, and the Dollar ticked up to re-test 91.85 resistance at the time of writing, although, so far, 91.85 remains intact and the USD/JPY trades at 91.80.

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