FXstreet.com (Barcelona) - U.S. markets are going through moderate advances at opening times on the back of bernanke's renomination as federal Reserve's chairman and upbeat housing prices . Dollar and Yen have dropped against higher yielding currencies after U.S. housing prices showed sings recovery from the housing slump.
The Dow Jones Industrials Index rises 0.46%, while the Nasdaq Index trades 0.29% above its opening level , and the S&P Index adds 0.33% minutes after the opening.
On the macroeconomic domain, U.S. Case-Schiller Housing Prices Index has dropped 15.1% year on year in June, while it showed a 1.4% increase on the month , showing some improvement, compared to record declines seen earlier this year.
Euro and Pound have soared to session highs after housing prices, a trend, that might continue after the release of U.S. consumer confidence data.
Euro and Pound at session highs
EUR/USD bounce at 1.4250 low has extended to levels above 1.4310 intra-day high, and after the release of Housing data, the Euro hit a fresh intra-week high at 1.4360 before easing to levels around 1.4345.
GBP/USD has erased losses from previous sessions as rebound at 1.6340 low ahead of the U.S session opening, has extended to 1.6445 lintra-day high, before easing to current levels at 1.6420.
USD/JPY bounced from 93.75 low to 94.45 before pulling down on European session, and has returned to test 94.45 resistance after the release of housing prices.