FXstreet.com (Barcelona) - European markets are going through moderate gains, picking up after a negative opening as investor's risk appetite increased despite concerns about sovereign credit rates downgrades. Euro and Pound remain moving sideways against Dollar.
Eurostoxx 50 Index advances 0.35%, while German DAX Index adds 0.45%, and he French CAC Index stands 0.40% up in the first hours of trading. In the UK, the FTSE Index adds 0.33%.
In a rather quiet session, the Stoxx 600 retail sub sector rose 1.7% after Inditex SA released higher than expected earnings forecasts and increased its presence in Asian markets. Furthermore, Costco Wholesale Corp released flat earnings in the first quarter.
On the macroeconomic domain, the Swiss National Bank left its offered rate at 0%-0.75% band, at record low, as widely expected. Later on, the Bank of England is expected to leave its Bank Rate at 0.5% all-time low.
Euro and Pound remain rangebound
EUR/USD remains trading in a range from 1.4670 to 1.4780, consolidating after its reversal from 1.5145 high last week. During Thursday's European session, the pair's range has tightened, to a range between 1.4700 to 1.4740.
GBPUSD decline from Asian session high at 1.6320 has hold at 1.6215 intra-day low at early European session, and the Pound picked up to levels at 1.6300 at the moment of writing. On a bigger picture, the Pound consolidates between 1.6165 and 1.6375 after its decline from last week's high at 1.6700 area.
USD/JPY bounced on early European session at 87.75 low, and the Dollar picked up to reach intra-day high at 88.35, which is being tested at the moment. Resistance area at 88.35 is the roof of the last two day's trading range, roughly from 87.65 to 88.35 where the pair withdrew from 90.75 high on Friday.