FXstreet.com (Barcelona) - European stock markets are flat on Tuesday after sharp rallies experienced on Monday, amid mixed corporate earnings consequences. Euro and Pound are trading sideways.
Eurostoxx 50 Index as well as the French CAC Index remain practically at opening levels, while the German DAX Index edges up 0.1%. In the UK, the FTSE Index adds o.1%.
On the macroeconomic side, UK trade gap widened to GBP7.2 billion in September, from GBP6.1 billion in August, downwardly revised from GBP6.1 billion deficit previously estimated, against market's expectations of a deficit around GBP6.1 billion. Furthermore, The German ZEW economic expectations Index has dropped to 51.1 in November from 56.0 in October, although the current economic conditions index has increased to -65.6 in November from -72.2 in October.
Euro and Pound, moving in range
EUR/USD remains trading in a range from 1.5020 to session low at 1.4950, after rally from Nov 3 low at 1.4625 was capped at 1.5020 high on Monday.
GBP/USD pulldown from 1.6845 high on Monday found support at 1.6600 ahead of the European session opening, and the Pound has advanced to 1.6700 area which is being tested at the moment.
USD/JPY has bounced from support area at 89.65/70, to break above 90.00 resistance area and the Dollar reaches intra-day high at 90.18 with Monday's high at 90.25 on sight.