FXstreet.com (Barcelona) - European markets have opened the first April's session with declines as Japanese and Chinese economies show sins of decline and amid rumours of bankruptcy for GM. Regarding currencies, the Pound attempts to stretch higher while the Dollar consolidates at high levels against the Yen.
Eurostoxx 50 Index loses 2.21% one hour after the opening, while German DAX Index drops 1.87% and the French CAC trades 2.12% below the opening levels.
Macroeconomic data in the Eurozone has not been much encouraging, with German consumption dropping well beyond expectations, and Eurozone PMI's showing manufacturing sector's activity declining at a fast pace.
Pound rises higher
GBP/USD is the largest mover of the European session so far, the Pound has gained more than 120 pips after bouncing up at 1.4275 breaking through previous intra-day high at 1.4375, to reach levels around 1.4400.
EUR/USD remains trading in a narrow range between 1.3175 and 1.3215 after having declined from 1.3340 Mar 31 high.
USD/JPY is trying to break resistance at98.85/99.00 level after having bounced at 98.35 support zone, on its way to 99.40 and 99.70 levels.