FXstret.com (Barcelona) - European markets are going through moderate gains on Friday after Euro Zone PMI data cheered up investors optimism to pick up from a negative opening. Euro has reached intra-week highs, while Pound continues rangebound.
Eurostoxx 50 Index adds 0.22%, while the German DAX Index rises 0.19% and the French CAC Index advances 0.22%. In the UK, the FTSE Index trades 0.23% above its opening level.
On the macroeconomic domain, German Services PMI German services PMI rose to expansion levels, 54.4 in August from 48.8 in July, while Manufacturing PMI advanced to 49.0 in August, from 45,7 in Jul, reaching very close to growth levels.
EuroZone Services PMI rose to 50.0 in August, the limit between growth and contraction of the sector's activity, from 46.3 in Jul; while Manufacturing PMI advanced to 47.9 in August from 46.3 in Jul, while Services PMI.
Euro rises to week highs after PMI data
EUR/USD bounce at 1.4210 low extended to intraweek highs after PMI data was released and the Euro rose to test 1.4300 resistance area at the moment of writing.
GBP/USD bounced from 1.6420 to test 1.6500 resistance area to pare losses with Asian session's decline. At the moment, the pair remains testing 1.6500.
USD/JPY decline from 94.30 Asian session high has found support at 93.50 and the Dollar attempted to pick up althoug it was capped at 94.00. At the moment, the pair trades at 93.80.