Wall Street jumps as confidence on economic recovery; EUR, GBP consolidating highs

US stock markets are rising an strong pace on more signs of economic recovery as US today's data fueled the market optimism. EUR and GBP are consolidating its high levels after the US opening bell, USD/JPY has started to corrective from the last bearish movement and USD minor crosses are reaching new 2009 low.

Dow Jones is climbing 2.40% so far today, rising above 8.700 level, S&P 500 is posting 2.53% increases and Nasdaq index are jumping up above the 1.800 key level after rising 2.70% so far today.

On the European Atlantic's side, Eurostoxx 50 has gained 3.40% during today's session, DAX Xetra has advanced 4.00% and IBEX 35 has posting 2.55% increases so far today.

Personal income has risen 0.5% between march and April, against the 0.3% declines posted in the previous month. Personal spending has decreased 0.1% in April, less than 0.2% declines posted in March. Core PCE prices has increased 0.3% MoM in april, 1.9% yearly, better data from 0.2% monthly and 1.8% yearly published for March.

ISM manufacturing index has improved to 42.8 pts in May from 40.1 in February. New orders have risen to positive field, employment seems has taken bottom as it remain weak but hasn't drop more. inventories fell and production index improves in May. April construction data proved strong as US construction spending has risen unexpectedly. Spending in April rose 0.8% from revised March construction expending 0.4% increases.

EUR/USD is fighting for the 1.4200 level after falling from 1.4245, 5-month high in the early European session. Euro is still positive on the day against Dollar, rising 0.45% so far today.

Cable has reacted slightly up after the better than expected US ISM and construction data and GBP/USD has risen 70 pips from 1.6360 to post another new 5-month high at 1.6435.

USD/JPY has risen around 80 pips from 94.95 to reach today's intra-day high at 95.75. Currently the pair is trading around 95.60/70, 0.40% above today's opening price. The USD/CHF's recovery after testing 1.0620, 5-month low posted in January 2, has been capped at 1.0700 and the pair has been rejected to trade close to 1.0650 level.