FXstreet.com (Barcelona) - U.S. markets are going through moderate losses, despite a positive reaction to unexpected increase on wholesale inventories, while the Dollar is trimming losses in a choppy session.
Dow Jones Industrials Index edges down 0.1% while The Nasdaq Index drops 0.3%, and the S&P Index trades 0.15% down in the first hour of trading.
In the macroeconomic front U.S. Wholesale Inventories have increased 0.3% in October, posting the first advance in the last 13 months, beating markets expectations of a 0.6% decline, showing that distributors optimism over the recovery on consumption has increased.
Dollar trimming previous losses
EUR/USD bounced at 1.6665, 5-weeks low during Asian session, and picked up to 1.4780 session high but the pair lost steam and turned down to 1.4700 area after Standard & Poor's downgraded Spain's outlook from neutral to negative, on the back of its grim economic outlook.
GBP/USD recovery from 1.6115 low ahead of the European session opening has been capped at 1.6375 high, and the Pound fell after the release of Pre-Budget Report giving away about 1.70 pips to levels around 1.6275 low at the moment of writing.
USD/JPY decline from 90.80 high on Friday found support at 87.35 low on early European session although following recovery attempt was halted at 88.10, and the pair has eased during U.S. session, reaching levels around 87.65 at the moment of writing.