FXstreet.com (Barcelona) - European markets shifted to moderate gains on early Thursday's session after a weak opening as an string to unexpected quarterly gains added some risk appetite. Euro and pound continue consolidating at lower levels.
Eurostoxx 50 Index trades 0.33% up, while German DAX Index edges up 0.23% and the French CAC Index trades 0.34% above its opening level. In the UK, the FTSE Index rises 0.23% in the first hours of trading.
Credit Agricole shares rose 5.8% after its profits doubled in the second quarter, while affirming that negative effects by its toxic assets will diminish from now on, which has improved confidence on the banking sector. Furthermore, Accor, French hotels and services company rose 5.8% as its plan to split its services division from its hotels operations was celebrated by the markets
Euro and Pound, sideways at lower levels
EUR/USD remains trading in a range from 1.4230 to 1.4265, after the pair bounced at 1.4220 intra-day low on Asian session.
GBP/USD failure to break above 1.6250 has brought the pair lower and the Sterling trades at levels below 1.6200 with intra-week low at 1.6160 on sight.
USD/JPY reversal from Wednesday's high at 94.40 extended on early European session to a test of the 93.40 support area, which remains intact as the Dollar rose back to levels around 93.70.