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Last update: Wednesday 10th March 2010 07:32am
European market outlook: Gold rises as sterling, euro pressured by economic uncertainty
European stock markets are seen opening muted on the back of a rather quiet Asian session and contradicting economic data.
The Nikkei fell just before its closing bell to finish 0.04% lower.
Mixed economic data from China and Japan added to the uncertainty.
While Chinese trade surged in February, Japanese machinery order slowed down in January.
In Europe, German CPI came in higher than the flash forecast but nevertheless remaines rather subdued, indicating that the Eurozone recovery is unlikely to get ahead of itself.
This picuture was supported as German exports fell 6.3% in January compared to December whereas imports surged 6% after an already strong 5% gain in the previous month.
June Bund futures fell 6 ticks in early trade, down to 122.78.
The euro and sterling turned quite a bit lower against the dollar in early European trade.
EUR/USD dropped to lows at 1.3576 after trading rangebound around 1.36 overnight.
Cable started falling from highs at 1.5018, hit relatively soon into the Tokyo trade. The pair fell down below 1.4920.
EUR/GBP attempted to touch the 0.91 but could not quite reach it.
USD/JPY rose slightly to just above 90.00.
April gold futures recoverd from yesterday's lows to rise to highs at $1,127.4.
Oil futures turned lower. April WTI futures fell 31 cents to $81.19. April Brent futures followed down to $79.63.
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