Technicals

FXstreet.com (Barcelona) - The US Treasury department has announced its intention to pump $250 billion into troubled U.S. banks to tackle financial crisis and avoid it weighing global economy.

The program consist on a budget to buy preferred shares in qualifying financial institutions up to $25 billion in each one or 3% of the value of risk-weighed assets. The banks can apply for government purchases till Nov 14. According to Henry Paulson, U.S. Treasury secretary, nine banks, considered "healthy institutions" have already applied for the plan.