FXstreet.com (Barcelona) - European markets have opened Tuesday's session on a moderate sell tone after disappointing earnings by Alcoa arose concerns about too optimistic forecasts about the recovery of global companies. Euro and Pound are pulling back from Monday's highs.
Eurostoxx 50 Index trades 0.23% down, while German DAX Index sheds 0.49%, and the CAC 40 index drops 0.24%. In the UK, the FTSE Index sips 0.3% one hour after the opening bell.
Market sentiment has been slammed by far weaker than expected quarterly earnings by Alcoa, which has reported revenues of one cent per share,excluding charges, well below market expectations of revenues by aout five cents per share.
Euro and Pound retreating from Monday's highs
EUR/USD rally from Friday's low at 1.4265 was capped on Monday's early U.S. session at 1.4575, and the pair eased, weighed by a deteriorated market sentiment, to levels below 1.4500. At the moment of writing, the pair trades at 1.4470 approaching support at 14450.
GBP/USD recovery from last week's low at 1.5895 halted on Monday at 1.6195 high, and the Pound ¡has pulled back to 1.6060 support. At the moment of writing, the Pound moves around 1.6100 area.
USD/JPY decline from 93.75 high on is extending on European session with the Dollar breaking below 91.80 support, reaching session low at 91.70 so far.