FXstreet.com (Barcelona) - European markets seems to have been less sensitive to the digestion of the U.S. Treasury's toxic assets plan, and benchmark markets have opened with gains. The Euro is trying to pick up from support levels while the Pound looks decided to explore lower territories.
Despite the lackluster Asian session and yesterday's decline in Wall Street, European markets have opened with mild increases; Eurostoxx 50 adds 0.54% with German DAX Index 0.43% up and French CAC 0.51% up.
On the macroeconomic area, German Ifo Business sentiment Index has shown a slightly grimmer outlook on economy. Business confidence has dropped to a new record low, and German companies' assessment on the current economic conditions has deteriorated in March.
Euro picks up slightly despite negative Ifo
The Euro has not been weighed by grim economic expectations in the largest E.U. economy, EUR/USD has bounced from support line at 1.3415 (Mar 19 low) reaching a maximim level at 1.3477. The Euro, however remains trading below exponential moving averages in the hourly chart, and upside momentum seems to have lost strength.
GBP/USD seems to be heading south, decline from 1.4775 (Mar 24 high) has reached levels below 1.4595 (Mar 19 and 20 high). GBP/JPY decline from 145.00 Mar 24 high has confirmed below 1.4325 in Early European session.
USD/JPY has bounced up at 97.35 support level, taking back some ground after decline from 98.40 in Asian session. The pair seems to be consolidating betwen 97.35 and 98.00.