The major European indices enjoyed a solid day to the upside with the German DAX leading the way. A snapshot of the closing levels shows:
- German DAX, +1.70%
- France’s CAC +0.69%
- UK’s FTSE 100 +1.21%
- Spain’s Ibex, +1.25%
- Italy’s FTSE MIB, +1.49%
Yields moved lower in Europe as well today:
- Germany, 2.536%, -9.4 basis points
- France 3.349%, -12.6 basis points
- UK 4.739%, -17.0 basis points
- Spain 3.211%, -12.6 basis points
- Italy 3.698%, -18.2 basis points
As traders look to exit, the declines in the USD have seen large retracements, helped by the decline in their rates:
- EURUSD. The EURUSD is now down -0.24% and trading to new session lows. The price just give below its 100 hour moving average 1.0267, but has bounced back and trades between it and the 200 hour moving average at 1.03036 at 1.0282
- GBPUSD. The GBPUSD moved to a post CPI high of 1.23055, but has quickly reversed moving to a US session low of 1.2192. The current price trades at 1.2215 which is just below its 100 hour moving average of 1.22176. The close yesterday was at 1.22146
This article was written by Greg Michalowski at www.forexlive.com.
