FXstreet.com (Barcelona) - European markets have opened the week with moderate gains lead by banks and insurance firms, although trading volume remains thin, ahead of Christmas holidays. Euro and Pound remain trading at low levels.
Eurostoxx 50 Index advances 0.50%. while the German DAX Xetra and French CAC Index both rise 0.55%. In the UK, the FTSE Index trades 0.65% up in the first two hours of trading.
In absence of key macroeconomic data in the Eurozone or In the U.K, Monday session is moving with very thin trading volumes, with financial leading gains, Gold prices trade around $1,111 oz, down from $1,119 oz Asian session high, and oil prices remain practically unchanged at $73.15 per barrel.
Euro and Pound consolidating at low levels
EUR/USD reversal from 1.5145 year to date high on early December, found support at 1.4260 low on Friday, and the Euro has remained moving in a range from 1.4280 to 1.4360 during Asian and European sessions.
GBP/USD decline from 1.6410 high on December 16 found support at 1.6050 2-months low on Friday, and following recovery attempt has was capped at 1.6170, which has been tested again in Monday, and remains intact. The Pound has been trading in a range from 1.6110 to 1.6175 during European and Asian sessions so far.
USD/JPY remains trading sideways between 90.25 and 90.60 during Asian and European session, consolidating at two-week highs, after rally from Dec 9 low at 88.35 was capped on Friday at 90.90 resistance area.