FX : European markets drop, weighed by commodities; Euro and Pound, lower
FXstreet.com (Barcelona) - European markets are going through declines on Tuesday, weighed by basic resources, and after another sell off in Chinese stock markets. Euro and Pound have retreated further.
Eurostoxx 50 Index drops 0.46%, while the German DAX Index declines 0.48% and the French CAC Index sheds 0.38%. In the UK, the FTSE Index trades 0.4% down.
Basic resources stocks have been lead losses on European morning trade, mining stocks have posted substantial declines, with Xstrata 3.9% down, and Antofagasta shares dropping 2.8%.
Dollar and Yen rise on weaker stock markets
EUR/USD decline from Friday's high at 1.4375 has extended to intra-week low at 1.4250 on early European session, before picking up to levels around 1.4270.
GBP/USD decline from Friday's high at 1.6625, has extended to 1.6340 low on early European session, at the moment of writing, the Pound is on a timid attempt to pick up, trading at 1.6360.
USD/JPY decline from 95.05 high on Monday has found support at 93.80, and the Dollar has bounced to levels around 94.40.
