FXstreet.com (Barcelona) - European markets are going through losses for the fist time in six days, while Forex markets remain moving in tight ranges ahead of tomorrows Fed Interest rate decision, Euro and Pound consolidate after yesterday's rallies.

Stock markets are going through losses, with Eurostoxx 50 1.08% down by midday in Europe, while German DAX declines 0.22% and French CAC 40 eases 0.74%., with commodity producers leading losses.

In Germany, the ZEW Economic Expectations Index has improved to its highest level since the beginning of the recession in August 2007, showing hints that the wost of the economic slowdown has been left behind.

Currencies, however, have not been affected by either stock markets nor macroeconomic indicators, as it seems that investors are waiting for the Fed .

USD/JPY has set another assault to the 98.50 resistance level, after having failed on its first attempt, and, at the moment of writing trades some pips above the mentioned level.

GBP/USD has broken 1.4040 support level on a drop from 1.4117 maximum level reached after the ZEW data was released. The pair drops towards next support level at 1.3985 (Mar 3 and 4 low).

The Euro has remained at levels around 1.2992/1.3000 level, after having declined from intra-day high ahead of the European session opening at 1.3035; The Euro jumped above 1.300 right after the ZEW data, but returned below 1.2992 shortly afterwards ; the Euro has moved from 1.2950 to 1.3020.