FXstreet.com (Barcelona) - European markets have opened the week on a sell tone with investors reluctant about taking risks as fears about global economy coming from Dubai's World's Debt trouble persist. Euro and Pound recoveries have stalled.
Eurostoxx 50 Index dips 0.7%, whole German DAX Index declines 0.78% and French CAC Index sheds 0.89%. In the UK, the FTSE Index dips 0.49% in the first hours of trading.
On the Macroeconomic front, Eurozone CPI estimate has incr4eased at a 0.6% year on year rate in November, following a 0.1% decline in October.
UK consumer credit declined by GBP579 million on October, following a GBP299 million decline in September the largest decline on record. Net lending to individuals rose GBP343 million in October, and net mortgage lending rose by GBP922 million.
Euro and Pound recoveries stall
EUR/USD recovery from Friday's low at 1.4825 has stalled at 1.5085 ahead of the European session opening, and the Euro has remained moving within a range roughly from 1.5020 to 1.5070.
GBP/USD recovery from 1.6270 low on Friday has been capped at 1.6595 session high during Asian session, and the Pound declined to test intra-day low at 1.6475 before bouncing up to current levels around 1.6530.
USD/JPY rejection from 87.20 session high has reached 85.85 session low during European trade, to return to 86.50 at the moment of writing.