FXstreet.com (Barcelona) - European markets are going through a mainly positive session on Wednesday despite disappointing macroeconomic news coming from the UK. Euro and Pound have recovered from slight dips during the European session.
Eurostoxx index gains 0.78% with German DAX Index 0.72% up and French CAC Index 0.69% up. In the UK, London FTSE trades 0.62% above its opening price.
In the macroeconomic front, UK jobless claims rose by 73,700 to 1.46 million, the highest level in 12 years, with the ILO unemployment rate reaching 6.7%. Public sector net borrowing in the UK reached an all time high at GPP 19.0 billion in March, as tax revenues continued declining.
Yen strengthens, Euro and Pound pick up after slight dips
Dollar continues weakening against the Yen, the pair has broken its day bottom around 98.05 to drop to levels at 97.80 with Apr 20 low at 97.65 on sight.
GBP/USD, has lost about 100 pips during the European session so far, from levels around 1.4610 at the European opening time, the Pound has reached a intra-day low at 1.4522 after UK unemployment , PSNB and BoE minutes were released, although the pound has managed to pick up reaching back to levels above 1.4600.
After a weak opening of the European session, when the Euro frll to intra-week low at 1.2885, the Pair has picked up returning to previous levels, above 1.2900/10 and rises with intra-day resistance at 1.2950/60 level on sight.
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