FXstreet.com (Barcelona) - European markets are going through gains on early trade, following rallies in Asian markets,, specially in Japan, and the sharp increase on commodity prices. Euro and Pound rallies seen on Asian session have stalled on European trade.

Eurostoxx 50 Index advances 1.05%, while German DAX Index rises 1.1% and the French CAC Index adds another 1.1% in the first hours of trading. In the UK, the FTSE Index adds 0.7%.

On the macroeconomic domain, Eurozone Services PMI has improved to 53.00 in November from 52.6 in October, somewhat below markets expectations of a reading around 53.2. Eurozone GDP has remained unrevised, 0.4% up in the 3Q and 4.1% down year on year.

Furthermore, UK services PMI Index has edged down to 56.6 in November from 56.9 in October, below the 57.0 expected by the market.

Euro and Pound rallies stall

GBP/USD rally from 1.6625 seen on early Asian session, has been capped at 1.6720 resistance area, and the pair has dropped below 1.6650 area, giving back most of the ground taken during Asian trade.

EUR rally from 1.5030 has stalled at 1.5115/20 resistance area and the pair remains hovering in a range from 1.5100 to 1.5125, right below tear to date high at 1.5145.

USDJPY rally from 86.50 low on Tuesday has been halted at 87.90, and the Dollar has remained moving in a range from 97.60 to 97.90 during the European session so far.