European markets are practically flat, two hours after the opening bell, with investors' focus on high oil prices, which continue rising amid turmoil in Libya and fears about unrest spreading though the Middle East. In currency markets, the Euro surged to fresh highs.
Eurostoxx and the French CAC Indexes remain practically unchanged while the a German DAX Index edges 0.1% up, and the FTSE Index rises 0.2% two hours hour after the opening bell.
Investors remain reluctant to risk as oil prices continue rising, on increasing concerns about a disruption of oil supplies, with . April Nymex crude rose to USD106.45 while Brent Crude price rose USD0.98 from Friday, to USD116.95 a barrel.
Furthermore, Moody's slashed Greece's debt rating to B1 from the previous Ba1, and warned with further downgrades on the light of the country's rising risk of default.
Euro and Pound bounce up
EUR/USD pulled back immediately after news of Greece's government bonds downgrade, although, contained by 1.3950/60 support area, the pair bounced up strongly, to break above 1.4000 reaching a fresh 4-month high at 1.4030.
Source: fxstreet.com
GBP/USD retreat from last week high at 1.6345 has been contained at 1.6235, which was tested ahead of the European session opening, and the pair bounced up strongly, regaining 1.6300, to hit fresh session highs at 1.6335.
USD/JPY has been gong through a serious reversal from Friday's high at 83.05, affected by growing risk aversion, dipping below 82.15/20 support level to hit 82.05 low.
