ND: European markets gain on hopes of EU support to Greece; Euro and Pound up
FXstreet.com (Barcelona) - European markets are going through gains on early trade on Tuesday as gestures of the EU to support debt troubled Greece have inspired confidence on investors. In FX markets, Euro and Pound are picking up in an attempt to take off from last week's lows.
Eurostoxx 50 Index advances 0.8% while the German DAX Index rises 0.95%, and the French CAC Index trades 0.7% up. In the UK, the FTSE Index trades 0.95% up.
With investor's focus on EU financial ministers' two-day meeting, which is being held in Brussels, the requirements towards Greek government to apply further spending cuts, have eased financial markets concern, so risk appetite could return to stock markets.
Euro and Pound trim losses
EUR/USD rally from levels below 1.3600 on Asian session opening has extended 1.3600 higher at European opening, and the pair reached 1.3685/95 resistance area -Feb 12 highs-, which so, far remains intact, with the Euro trading around 1.3660.
GBP/USD rallied during Asian session and, from opening levels around 1.5650, the pair advanced to re-test yesterday's high at1.5720, but after hitting 1.5730 high, Pound has failed and pulled back to levels right below 1.5700.
USD/JPY during Asian session and from opening levels above 90.00, the pair has dipped to session low at 89.70 ahead of the European opening time, to pick up during Early European trade and reach back to 90.00 area at the moment of writing.
