FXstreet.com (Barcelona) - European markets are going through moderate gains on Tuesday's session as the optimism welcoming U.S. toxic assets flush plan has moderated somewhat in Europe, compared to the U.S. and Asian markets. Euro and Pound have dropped slightly.
Stock markets in Europe are going through gains lower than 1.0% in any case, driven, mainly by financials. Eurostoxx 50 adds 0.25% on midday central European Time, while German DAX xetra rises o.27% and French CAC 40 edges up 0.15%.
On the macrioeconomic data, UK CPI grew above expectations as food and energy prices picked up in February, while Euro Zone economic contraction has shown signs of moderation in March, with Composite PMI recovering from historically low levels.
Euro down, Pound back and forth
The common currency has lost it 1.3615 support level iduring the European session, after having been trading between 1.3615 and 1.3680 during the whole Asian session, the Euro broke support and fell to 1.3525 intra-day low.
The GBP/USD has enjoyed a boost from higher tthen expected CPI figures, which have taken the sterling to a maximum level of 1.4787 although it could not remain above 1.4735 resistance level and dropped afterwards to 1.4650 support line. Bouncing on support, the Pound advances back towards 1.4735.