Markets tumbled sending Dollar and Yen higher

By IBTimes Staff Reporter | October 30 2009 4:36 PM

FXstreet.com (Córdoba) - U.S. markets ended Friday with deep losses. The Dow Jones and the Nasdaq plunged 2.50% and the S&P500 fell 2.80%. It was one of the worst days in Wall Street since April. The increase in risk aversion helped the Yen and the Dollar that recovered from yesterday's losses and currently are consolidating weekly gains.

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All the gains following the release of GDP figures in the U.S. where erased on Friday on concerns about the future of the economy and on weak consumer data. Commodities also tumbled: crude oil fell 3.60% and trades barely above $77 a barrel.

The Yen and the Dollar where favored by falling stocks. EUR/USD trades near the 1.4700 at intra-day low. GBP/USD is testing a support zone at 1.6400 while USD/CHF consolidates above 1.0250.

USD/JPY plunged to 89.90 posting the lowest price in two weeks. Against European currencies the Yen rose even further and recovered from yesterday's losses. GBP/JPY is testing intra-week lows at 147.60 and EUR/JPY fell below 132.75 to 132.30 posting the lowest price since October 12.

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