FXstreet.com (Barcelona) - European markets are going through gains on Wednesday as risk appetite has returned to the markets following yesterday's upturn on Wall Street. In Forex markets, the Dollar is plunging across the board, approaching year lows.

Eurostoxx 50 Index trades 0.8% up, the same gain is seen at the French CAC Index, while German DAX Index advances 0.7%. In the UK, the FTSE Index rises 0.68%.

In the macroeconomic front, UK third quarter's Gross Domestic Product has been revised up to a 0.3% decline on the quarter, and a 5.1% 5.1% year on year drop from -0.4% and -5.2% declines previously estimated.

Dollar plunges across the Board

EUR/USD rally from Tuesday's low at 1.4885 has extended above 1.5000 on generalized Dollar weakness,and the Euro has reached a fresh 2-week high at 1.5045 before easing to levels around 1.5020.

GBP/USD has rallied sharply during early European session soaring from 1.6600 area to 1.6725 high, before easing below 1.6700 after GDP revision was released. At the moment of writing the Pound has returned above 1.6700 and hovers right below intra-day high at 1.6725.

USD/JPY has plunged on early European sesion from levels around 88.30 breaking below 88.00 support and hitting a fresh 10-month low at 87.55. At the moment, the Dollar attempts to pick up, reaching 87.80 area.