FXstreet.com (Barcelona) - Stock markets in Europe is rising today's session on the back of economic recovery speculations in 2010. Experts are expecting more global merger and acquisitions in 2010 as analyst are estimating rebound in earnings. Pound has reached 3-week high against the Dollar as well as AUD/USD is rising too.
FTSE index is rising 0.60% so far today, EUROSTOXX advances 0.51%, the IBEX35 gains 0.24% so far today and the DAX XETRA climbs 0.50% too.
Cable is on recovery path from last Friday low at 1.6210 with the pair rising 0.50% so far today from opening price action at 1.6262 to the current 1.6345 after reaching highest level since December 17 at 1.6380.
AUD/USD has hit 0.9267 as fresh intra-day high after rising around 0.60% so far today from opening price action at 0.9207. USD/JPY has tested 90.60 support after falling from 91.05 in the European session, currently the pair is at 90.70.
EUR/USD continues with its narrow range between 1.4365 and 1.4385, trading 0.15% above today's opening price action at 1.4355.
As usual these last months, Mondays are slow motion journeys in forex market; Asian session exposed dollar weakness as this month data has fade any hope of a rate hike in the U.S. says Valeria Bednarik, FXstreet.com collaborator, unemployment negative numbers plus worse than expected Retail sales, had left dollar tumbling against most rivals.
Bednarik concludes: Euro however, seems to be an exception for that. The Greece's debt problems continued to weigh on the euro this morning, leaving the hegemonic currency as the only loser against dollar in this also quiet European session. Beside fears that Greece will default on its debt, there is concern that other euro-zone members could now face further credit rating downgrades.