FXstreet.com (Barcelona) - European markets have corrected their initial downward direction and at midday European time, stocks fluctuate between positive and negative levels on the back of better than expected earnings results for Credit Suisse. The Euro rallied and GBP/USD recovery stalled at resistance level.
Eurostoxx 50 Index trades practically at its opening level, while German DAX Index edges down 0.23% and French CAC adds 0.26%. London FTSE moves 0.50% above its opening level.
Credit Suisse was one of the session winners as it rallied 7.3% after its quarterly earnings were reported to have increased twice the amount expected by the analysts. Good results from the Swiss bank overshadowed disappointing results from Akzo Nobel and Logitech.
Euro at higher levels
The Euro has advanced at a firm pace during the European session and rebound from 1.2980 support level in late Asian session has extended during the European trading times to an intra-week high at 1.3075. At the moment the Euro remains slightly above 1.3050.
GBP/USD recovery from 1.4440 low seems to have found a strong resistance level at 1.4595 as the Sterling has been unable to break above there and the Pound pulled back slightly to levels around 1.4530.
USD/JPY has appreciated from 97.60 low to reach a new intra-day high at 98.45, although the pair has not been strong enough to break above 98.45 level and pulled back to about 98.30 at the time of writing.
For more information, read our latest forex news.