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The dollar extended losses against the majors in the early Thursday session, falling near the 1.47-level against the euro and relinquishing the 106-handle versus the yen. As Congress continues to scrutinize the $700 billion bailout plan proposed to calm the turmoil inflicting financial markets, traders remained concern about whether such a plan will be successful in staving off further rapid deterioration in economic fundamentals. Earlier in the session, President Bush warned that not passing the rescue plan would cost Americans much more in the long run given widespread loss of confidence and the current risk of major sectors of the financial system at risk of shutting down, ultimately resulting in a "long and painful recession". He struck a somber tone, saying "without immediate action by Congress, America could slip into a financial panic and a distressing scenario would unfold".
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