FXstreet.com (Barcelona) - European markets have opened the week on a sell tone, as investors do not seem to be convinced about economy being about to come out of the hole, despite of recent positive news on corporate earnings.

Allied Irish banks announced its plan to sell Assets in order to raise EUR5 billion, after a government stress test concluded the bank should need more funds than previously thought. While UBS bank announced its intention to sell Banco Pactual to one of its Brazilian original owners.

Eurostoxx 50 Index is going through losses by 1.17% while German DAX trades 1.45% below its opening price and French CAC Index falls 1.30%. London FTSE Index trades 0.79% down.

Pound opens the week lower

The Pound has opened the week on a weak pace dropping to levels around 1.4600 from 1.4785 opening price. At the moment, the Pound has reached below Apr 13 low, giving away all the gains posted last week.

EUR/USD has remained trading in a range from 1.2966 to 1.3020 during the European session after having dropped from 1.3045 opening price.

USD/JPY has tested levels above 99.00 on early European session after bouncing from 98.60 intra-day low, although the pair remains below 99.00 so far.

For more information, read our latest forex news.