FXstreet.com (Barcelona) - European markets are going through minor declines on early trade Friday as investors book profits on the back of four consecutive days with gains. The same applies for Forex markets with Dollar picking up from year lows.
Eurostoxx 50 Index sheds 0.25%, and the German DAX Index edges down another 0.2% while the French CAC Index slides 0.4%. In the UK, the FTSE Index edges down 0.17% on the first hours of trading.
On the macroeconomic domain, Euro Zone Current Account has improved in July to post a EUR6.6 billion surplus, at positive levels for the first time since February 2008, following a revised EUR4.3 billion deficit in June.
In the UK, Public Sector Net Borrowing increased to GBP16.6 billion in August, beating market expectations with the third largest monthly borrowed amount since records are taken. In the same month last year, PSNB totalled GBP9.9 billion.
Euro and Pound drop against Dollar
EUR/USD retreat from 1.4770 11-month high on Thursday has extended during Friday's early European session, as the Euro has confirmed at two-day's low after breaking below 1.4690/00 support. The Euro trades now at 1.4650 area, right above Sept 16 low at 1.4640.
GBP/USD has dropped further during European early trade, and after breaking below 16400, the Pound has hit a fresh two-day low at 1.6300 to bounce to current levels at 1.6345. On a wider perspective, the Pound remains on a sell tone since it peaked at 1.6745 on Sept 10.
USD/JPY remains moving above 91.00, as the pair has been consolidating between 91.00 and 91.40 after pulling back from 91.65 high on Thursday.