The market has extended decline amid concern European debt crisis that has a negative results on the Banks, which is making the borrowing process more difficult, increased the bad outlook for the global economic recovery cycle.

Moreover, the US dollar has grabbed the market's attention, while it advanced sharply against the major currencies (Euro, Aussie, Yen and Kiwi) as investors continue to seek haven amid growing global economic uncertainty.

On the other hand, Aussie and Kiwi will remain under pressure as traders move into lower yielding ‘haven' assets like the dollar after the news indicated that the German support for the European bailouts is dwindling.