FXstreet.com (Barcelona) - European markets are posting quite considerable setbacks at Monday's opening times following declines in Asia, on the back of renewed concerns about banks health. Euro and Pound continue showing bearish patterns while the Dollar is dropping like a stone against the Yen.
Eurostoxx 50 loses 3.79% with German DAX index 3.72% below and the French CAC Index 3.17% lower one hour after the opening.
Financials are leading losses after Geithner's warning that some banks might need further governmental assistance. Citigroup and Deutsche bank have posted drops above 3%.
The Euro has dropped to 1.3160 low at the European opening times after an attempt to recover could not rise past 1.3240. At the moment the Euro trades around 1.3200. On the longer point of view, the EUR USD is following a sharp downside correction from 1.3740 high last week. Today so far, the Euro has given away 80 pips from 1.3280 Asian session high.
GBP/USD is trying to regain 1.4160 level (19 Mar low). The Pound has dropped from 1.4295 high in Asian session to 1.4125 low on European opening times.
USD/JPY's bearish reaction from 98.35/45 resistance level tested during Monday's Asian session, has extended below 96.60 support level, reaching 95.95 low, at the moment of writing, the Dollar and advances some pips above 96.00.