FXstreet.com (Barcelona) - European markets have advanced on Wednesday as better tan expected 1Q profits by Siemens and Sanofi-Aventis, have supported the theory that global economy has already gone through the worst moments of the crisis. Risk appetite has fuelled Euro and Pound while the Dollar has risen against the Yen.
Eurostoxx 50 Index rises 1.47%, while German Dax Index adds 1.15% and the French CAC increases 1.41%. In England, FTSE index trades 1.11% above its opening level.
On the macroeconomic frnt, European economic confidence has bounced from record lows in April. With business and economic confidence indexes rising for the first time in two years. Economic Sentiment Indicator for the euro zone rose to 67.2 in April from 64.7 in March.
Euro and Pound surge
EUR/USD rally from 1.2965 low yesterday has broken resistance level at 1.3225 after Eurozone economic sentiment data, reaching intra-day high at 1.3250. The Euro is struggling, at the moment , to break above 1.3245 level.
GBP/USD rebound from 1.4515 low yesterday has extended to a new intra-week high at 1.4795, although the Pound has pulled back to levels at 1.4760, below resistance area at 1.4775/90.
USD/JPY recovery from 95.60 low yesterday has reached 97.15 untra-day high to set back slightly to levels close to 97.00.
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