European markets have opened the week on a slight bid tone on a more positive climate affected by the two major factors that were driving the market through the previous months.

As the concerns about Greece dept crisis are easing along with a rise of optimism trend about US economic recovery after a better than expected US Non-Farm payrolls report.

Last week, the Greek government announced further cuts by 4.8 billion Euros in an active attempt to try to solve its economic deficit problem. The measures were welcomed by the EU and Trichet. The ability of the EU to co-operate in order to solve the Greek issue has risen the investors optimism even more.

Last Friday, the world’s leading economy has released the Nonfarm Payrolls report, showing that the labor sector’s conditions are trying to stabilize. The number of lost jobs in the month of February reached 36 thousand jobs only, compared with the previous reported estimate of 20 thousand that got revised to -26.0 thousand lost jobs.

Moreover unemployment that continues to play a major role in stalling economic recovery, it remained unchanged at the previous 9.7 percent, coming in better than market expectations of 9.8 percent.

On the market side, EUR/USD recovery from 1.3530 low on Friday extended. The pair reached 1.3700 breaking above 1.3690 resistance levels.

GBP/USD recovery from 10-month low at 1.4780 on Mar 1 extended. The pair reached its highest point at 1.5195. In other words, Euro and Pound are struggling below resistance levels.