European markets rise driven by banks; Euro and Pound at high levels

European markets are going through moderate gains on Tuesday driven by financials and commodity producers. The Euro is consolidating at high levels and the Pound rallies further.

Eurostoxx 50 Index adds 0.63%, while the German DAX Xetra Index edges up 0.36% and French CAC 40 Index gains 0.59%. In the United Kingdom, FTSE Index rises 2.98% at midday central European Time.

Banksand commodity producers have been the main drivers of Tuesday’s gains, with UBS, Swiss largest bank gaining 4.8% and BHP Billiton Ltd, world biggest mining company 4.7% up, leading gains in commodity producers.

Pound continues rising, Euro consolidates

The Pound’s rally from 1.4835 intra-week low yesterday has extended on Tuesday’s European trading session to 1.5112, the highest level since jan 12.The Pound trades now at 1.5070; 0.23% above the day-opening level.

The Euro has remained consolidating at high levels, after yesterday’s high at 1.3440, the Euro fell to 1.3320 low on early European session to reach 1.3370 at the time of writing.

USD/JPY has bounced at 98.60 low on early European session to reach levels above 99.00 art the time of writing, aiming to the range it was in the first four days of May, from 99.15 to 99.60.