European Markets signal a higher opening today 

European markets signal a higher correctional start this morning after the sharp drop yesterday on renewed concerns over the dept crisis in the euro area and low levels of global growth, more importantly was the downbeat data from the European manufacturing and serves sector.

Concerns in the markets are clearly seen from the investors cautious trading this morning, hoping for a better day. Meanwhile, investors await data from the U.S. economy with eyes on the consumer confidence index.

Tomorrow's session will be full of major data; the U.S. rate decision and the Federal Reserve expectation regarding inflation, growth and unemployment and all that will be followed by Bernanke's rate decision conference.

Looking closely at the euro, we can see that the currency inclined from the lowest reached level 1.3143 at the start of the Asian session to currently trade at the levels of 1.3171 over daily basis after opening at 1.3155. The EUR/USD reached the highest level for the day at 1.3173.

As for the Great British Pound, the currency is trading lower against the dollar at 1.6124 compared with the opening levels of 1.6129 noting that it reaching the highest level for the day at 1.6130 and the lowest levels at 1.6107.

As for gold, the commodity is trading in narrow ranges to currently trade around 1635.44 per ounce compared with the opening levels of 1638.27 per ounce. Crude oil on the other end is back trading around 102.99 little changed from the opening of 103.08 per barrel.

As for futures on European indices, the French CAC 40 is higher by %0.42 at 3053.00, as for DAX it is hovering around 6573.00 a little higher by 0.65% and finally FTSE 100 is also down by 0.32% to trade around 5640.00.