FXstreet.com (Barcelona) - European markets are going through gains on the first session in July, buoyed bu favourable macroeconomic news and good quarterly earnings by major banks. The Pound reaches the highest levels since October, Euro, below 2009 high.
Eurostoxx 50 Index ads 0.70%, while German Dax Index advances 1.28% and French CAC Index rises 1.0%. In the UK, the FTSE index rise 0.67% in the first hours of trading.
Barclay's PLC, UK second biggest lender's quarterly earnings rose 10% from April to June while HSBC, Europe's biggest bank posted unexpected profits in the first half of the year, as earnings from its securities unit almost doubled.
In the macroeconomic domain, Euro Zone and German Manufacturing sector's Activity contracted less than expected, while UK's manufacturing activity expanded for its first time since March 08.
Pound, above 1.68, first time since OctoberThe Sterling is soaring on European trading tomes, and rally from 1.6470 low on Friday has extended above 1.6800 to reach 1.6850 high, buoyed by UK manufacturing growth.
EUR/USD pulldown from 1.4310 Asian session high, has found support at 1.4205, and the Euro has bounced to levels around 1.4280 at the time of writing.
USD/JPY has bounced at 94.60 support to test 95.00 resistance area, although the pair has been rejected and, after hitting 95.07 high, the Dollar has pulled down to levels right above previous day-high at 94.85.
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