FXstreet.com (Barcelona) - European stock markets have opened on a bid tone on Thursday as optimism from signs of economic recovery remains feeding risk appetite. The Euro remains on the Upside, while Dollar drops and Pound goes through choppy trading.
Eurostoxx 50 Index edges up 013% while German DAX Index advances 0.3%, and the French CAC Index rises 0.2%. In the UK, the FTSE Index trades 0.6% up.
On the macroeconomic domain, UK retail sales have disappointed the market, with a flat performance in August, instead of the 0.2% advance expected by the analysts, while the yearly advance has been 2.1% an not the 2.6% forecasted by the analysts, the pound has suffered a 70 pip decline after retail sales data was released.
Euro continues climbing; Dollar weakens
EUR/USD rose to a fresh 11-month high at 1.4766 on Early European session, right below Sept 25'08 high at 1.4770 and the pair eased slightly afterwards to levels around 1.4730. On a wider perspective, the Euro continues trending up steadily after bouncing at 1.4190 on Sept 4.
GBP/USD rose past the last day's resistance at 1.6530, reaching session high at 1.6565 although the pair was hammered by weaker than expected retail sales and dropped back to 1.6495. At the moment of writing, the Pound trades at 1.6540.
USD/JPY broke below 91.00 level on early European session, and the pair gave away part of the ground taken on Wednesday to print a session low at 90.50. At the moment of writing, teh Dollar trades at 90.65.