FX : European markets fluctuate between gains and losses; Euro and Pound, in range
FXstreet.com (Barcelona) - European markets are fluctuating between positive and negative territory, as the improvement of German business conditions index failed to cheer up investors; Euro and pound move sideways in a typical low volume summer session.
Eurostoxx 50 Index edges down 0.1% while German DAX index sheds 0.3% and the French CAC Index remains practically flat, less than two hours after the opening bell. In the UK, the FTSE Index edges down 0.1%.
On the macroeconomic domain, German Ifo Business climate index has improved above expectations in August, to post 90.5 level from 87.3 in July, beating experts expectations of a reading around 89.0. Despite positive German business data investors have remained cautious amid concerns that markets could have reached overbought levels after several months of continuous rally.
Euro and Pound, in range
EUR/USD remains within a range between 1.4240 and 1.4350, the pair tested the top of the range after Ifo figures although iot was rejected at 1.4352 and dropped to levels around 1.4305.
GBP/USD has remained consolidating in a range from 1.6300 to 1.6350 after its decline from Friday's high at 1.6625.
USD/JPY has baan moving between 94.00 to 94.30 after having bounced from 93.85 Asian session low.
