FXstreet.com (Barcelona) - U.S. markets have opened Wednesday's session with declines about 1.0% after the selloff seen in Chinese markets. Dollar and Yen have picked up on lower equities.

Dow Jones Industrials Index drops 0.88%, while the Nasdaq Index sheds 0.9% and the S&P Index trades 0.73% below its opening level in the first minutes of trade.

Chinese Shangai composite index has dropped 4.3% on concerns of further tightening of credit conditions, while the Chinese Government has failed to produce market supportive measures. Today's decline in Chinese stock markets is the second in a week.

Dollar and Yen gain as stocks plunge

EUR/USD rally from Monday's low at 1.4045 has been capped at 1.4170 on Asian session, and the Euro declined to 1.4085 low to bounce to levels at 1.4130, which remains holding Euro recovery.

GBP/USD has suffered a sharp selloff during Asian and European sessions, and, from intra-day high at 1.6595, the Pound fell to 1.6375 support area, although recoveries remain capped at 1.6435/45 area, which is being tested at the moment.

USD/JPY decline from Tuesday's high at 95.30 has extended to levels below 94.00 and the Dollar has hit a new 3-weeks low at 93.75 before bouncing to test levels above 94.00 at the moment of trading.