FXstreet.com (Barcelona) - European markets have opened Tuesday's session with very moderate gains after Tesco PLC UK affirmed that consumption grew considerably in the UK in the last two months. Euro and Pound remain trading in range above recent lows.
Eurostoxx 50 index trades 0.58% above its opening level, while French CAC rises 0.60% and German DAX trades 0.82% up. In London, the FTSE 100 Index edges up 0.36%.
Retailers are driving gains on Tuesday, specially after Tesco, UK retail giant, released a 8.8% increase on annual profit expectations. On the macroeconomic area, German PPI fell 0.5% year on year in march, the largest drop since the -1.1% posted in September 2002. Later Today UK CPI and German ZEW survey might have impact on investors.
Euro and Pound remain above recent lows
EUR/USD has managed to remain above 1.2900 despite several attempts to break below. The Euro gave away all the ground gained during Asian session to drop from 1.2945 to 1.2900 although it has bounced up at the latter level to rise towards 1.2950 which seems a difficult level to cross.
GBP/USD has gone through a similar move, from 1.4775 high on late Asian session, the pound dropped to 1.4675 on the beginning of the European session. 1.4670 has stopped the decline and the Pound returned to levels above 1.4550 at the time of writing.
USD/JPY has risen from 97.70 low in Asian session to 98.50 high although the Dollar has given away all gains on Early European trading session dropping to 97.75 again.
For more information, read our latest forex news.