European markets flat after a positive opening;, Euro and Pound ease
European markets are trading around opening levels after a positive opening, as concerns about debt trouble in the Euro Area are offsetting risk appetite seen in US and Asian sessions. In FX markets, the Euro has eased from multi week highs.
Eurostoxx 50 Index trades 0.10% up after having been moving between positive and negative levels, and the German Dax and the French CAC Indexes trade on a similar manner. In the UK, the FTSE Index trades 0.2% up two hours after the opening bell.
On the macroeconomic domain, Eurozone's inflation has risen 0.1% in may and 1.5% year on year, in line with expectations and decelerating from the 0.5% monthly increase posted in April.
In the UK unemployment data surprised positively, as the claimant count dropped by 3.9K beating experts' expectations of a 20K decline.
Euro pulls back from highs
EUR/USD rally has found resistance at 1.2355, 2-weeks high, and the pair pulled down on early European session, returning to levels below 1.2300, to hit session low at 1.2275, before picking up to 1.2300 area at the moment of writing.
GBP/USD broke lower at European session opening and the pair returned to levels below 1.4800, to hit session low at 1.4750, although, supported by good news from the labour market, the pair has erased loses and trades right below 1.4820 session high at the time of writing.
USD/JPY recovery from 91.05 low on Monday has extended higher on early European trade, and the pair rose to 91.80 high to pull back later to 91.60 area, yet within the 90.85 - 92.10 range for the eighth consecutive day.
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