FXstreet.com (Barcelona) - European markets have opened Tuesday's session on sell note with investors taking profits after Monday's rally, with banking shares leading losses. Dollar and Yen have profited on declining risk appetite.

Eurostoxx 50 Index trades 0.85% down, while German DAX Index sheds 0.68%, and French CAC Index drops 0.8%. In the UK, the FTSE Index trades 0.5% down in the first hours after the opening.

On the Macroeconomic front, German business confidence improved beyond expectations in November, reaching 93.9 points in November, its better reading in a year, from 92.0 in October. The assessment about the current conditions rose to 89.1 from 87.4, while the expectations index advanced to 98.9 in November from 96.8 in October.

Dollar and Yen favoured in fading risk appetite

EUR/USD has declined from Monday's high, right at 1.5000, with the downtrend accelerating at European session opening, and the pair reaching levels below 1.4900 to test 1.4880. At the moment, the Euro is attempting to pick up supported by bright Ifo data, reaching levels around 1.4930.

GBP/USD continues heading south after having peaked at 1.6650 high on Monday. The Pound broke on Monday below 1.6600 to reach session low at 1.6500. At the moment, the Pound trades at 1.6520; 0.50% below its opening level.

USD/JPY decline from 89.20 high on Monday has extended to test 88.55 support area (Nov 23 low) which is coming under pressure at the moment of writing.