FXstreet.com (Barcelona) - European markets are going through moderate advances on Wednesday, with support from commodity prices, which have risen to record highs. The Euro has rallied further, while the Pound spiked down on te back of BoE's minutes.

Eurostoxx 50 Index advances 0.55%, and the same advance is seen in German DAX Index, while the French CAC Index trades 0.45% up. In the UK, the FTSE Index adds 0.5% in its fifth advance of the last six trading sessions.

On the macroeconomic domain, the BoE minutes have shaken Forex markets, with investors selling Pounds when the Bank released that committee member's vote for the extension of QE program was split in three, and that the committee discussed the reduction of the Bank's reserve rate.

Euro soars while pound suffers on BoE minutes

EUR/USD rebound from 1.4805 low on Tuesday has extended above 1.4925 resistance area, pushed by the EUR/GBP spike post BoE minutes, and the pair has reached a fresh session high at 1.4950, 0.55% above its day opening price.

GBP/USD plunged after BoE minutes from levels around 1.6830 to 1.6765 low, and the pair bounced up shortly afterwards, returning to pre-BoE levels and hitting a session high at 1.6845 before easing back below 1.6800 at the moment of writing.

USD/JPY recovery from 88.70/75 area was capped on Tuesday's U.S. session at 89.55 high, and the pair has remained declining ever since to reach right at 89.00 at the moment of writing.opening price action.