DowntownForex

U.S. markets open with moderate gains; Dollar and Yen drop

By FXStreet – U.S. stock markets have opened Tuesday’s session with moderate gains ahead of the release of two key reports on the housing markets. Euro and Pound are performing sharp recoveries as risk appetite returned.

Dow Jones Industrials Index edges up 0.16% while the Nasdaq Index rises 0.39% and the S&P Index trades 0.36% above its opening level in the first half hour of trading.

The focus on Tuesday’s U.S. session are the Existing home sales figures for May and home price data related to the month of April.

Euro and Pound post sharp recoveries

The Euro has bounced at 1.3825 low ahead of the European session opening, to reach levels right above 1.4000 ahead of the European session, taking back all the ground lost on decline from 1.4015 high on Friday. AAt the moment of writing, the Euro trades right at 1.4000.

The Pound has set a bottom at 1.6210 and its recovery extends already 160 pips further up, reaching resistance at 1.6370 which is being tested right now, ahead of the U.S. session opening.

USD/JPY has bounced at 95.00 intra-day low ahead of the European session opening, reaching resistance level at 96.70 which is being tested at the moment.

• EUR/USD
• GBP/USD
• USD/JPY

EUR/USD (Jun 23 at 14:43 GMT)

1.3987/89 (0.97%)

H 1.4039 L 1.3826

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