FXstreet.com (Barcelona) - European markets are going through slight gains on Monday despite negative contributions from financials, weighed by CIT group filing for bankruptcy. Euro crawls higher, while the Pound recovers from an slide on early European session.
Eurostoxx 50 Index advances 0.3%, while German DAX Index adds 0.3%, and the French CAC Index trades 0.4% up. In the UK, the FTSE Index edges up 0.2% on early trade.
On the macroeconomic side, Eurozone and United Kingdom's manufacturing sector's activity rose in October, obtaining PMI figures above 50.0. European manufacturing PMI increased to 50.7 in October, from 49.3 in September, and the UK manufacturing PMI rose to 53.7 in October, from 49.9 in September.
Euro continues picking up; Pound, jittery
EUR/USD continues trading higher, following recovery seen during Asian session. After having bottomed at 1.4684 on early Asian session, the Euro has reached 1.4685 high where the 50 and 100 hour SMA lie, and the Euro trades now at 1.4770.
GBP/USD decline seen on early European session has found support at 1.6350, and supported by a larger than expected growth on manufacturing activity, the Pound has returned to levels above 1.6400.
USD/JPY has bounced at 89.15 low during early Asian session, and the Dollar has reached 90.25 resistance area, Oct 29 low.