FXstreet.com (Barcelona) - European markets have continued in positive figures on Wednesday on recovered confidence on the Banking system, Euro and Pound have risen during the European session.
Following a rally in Asian stocks, with the Nikkei index rising 4.55%, European markets are going through gains, from 1.43% in the Eurostoxx 50 to 0.75% in the AEX Index, the feeling that the worst of the current crisis might be over has extended and stock markets around the world have felt its positive consequences.
On the macroeconomic domain, however, figures remain far from positive, German factory orders have dropped 8.0% in January, well beyond the 1.0% decline expected by the analysts. In the UK, the goods trade deficit has declined beyond expectations.
Euro and Pound recover
EUR/USD has posted a strong reaction from 1.2615 and, after a 100 pip rally in the European session, the pair has reached above intra-day high at 1.2727 and advances towards two-weeks high at 1.2673.
GBP/USD has recovered from 3-weeks low at 1.3654 ahead of the European session opening has extended to levels around 1.3750, despite higher than expected UK Trade deficit in January, and advances to test 1.3805 intra-day high.
USD/JPY has remained trading in the narrow range from 98.25 to 98.90.