FXstreet.com (Barcelona) - European stock markets continue with the recovery seen in the last two weeks as the markets expect Geitner's plan to buy toxic assets by troubled banks. Euro and Pound remain in range, Dollar appreciates against Yen.
European markets are going through gains on Monday, as Bank shares rally ion growing optimism ahead of the release U.S. Treasury's Plan to buy toxic assets. Eurostoxx 50 gains 1.97% whole German DAX rises 1.71% and French CAC 40 adds 1.23%.
On the macroeconomic domain, Euro Zone's trade deficit soared in January to 10.5 billion from 1.7 billion in December.
Dollar, up against Yen, weakens against Pound
USD/JPY has broken through resistance level at 96.60, previous intra-day high) on rebound from 95.65, and the pair advances towards resistance area at 97.05/15 level.
GBP/USD has also broken through its previous intra-day high at 1.4600 after several attempts, and the pair rises towards 1.4665 (Feb 23 high)
EUR/USD remains trading between 1.3615 and 1.3735 after an attempt to break resistance was refused during European trading times.