FXstreet.com (Barcelona) - European markets have opened the week on weak note, weighed by shares of basic resources on lower gold prices and a soaring Dollar, which has triggered further declines on for Euro and Pound.
Eurostoxx 50 Index drops 0.80%, while German DAX Index declines 0.87%, and the French CAC Index sheds 0.69%. In the UK, the FTSE Index trades 0.95% down on early morning session.
The basic resources sub-sector is trading 1.8% down on Monday, leading losses on early trade as gold prices retreat from all tome high at $1.226 oz on Friday extended to a one-week low at $1.135 during European trade.
Furthermore, many investors have seen the unexpected improvement on U.S. labour markets as the end poi8nt of quantitative easing and economic stimulus, which would open a new period on global economy.
Euro and Pound Plunge
EUR/USD dropped aggressively on early European session as Asian session recovery capped at 1.4905, to drop below Friday's low at 1.4820 and reach a fresh one-month low at 1.4755. At the moment of writing, the Euro moves right above 1.4800, 0.355 below its day-opening level.
GBP/USD recovery from Friday's low at 1.6420 has been short-lived as the pair resumed Friday's downtrend and retreated aggressively from 1.6515 high, breaking below 1.6420 support level to reach a fresh one-week low at 1.6330.
USD/JPY has remained steady during European session, compared to other majors, and the pair has remained moving in a range from 89.70 to 90.05 during European session, so far, arfter pulling down from 90.75 high on Friday