FXstreet.com (Barcelona) - U.S. stock markers have opened Thursday 's session posting ,moderate gains, although a well worse than expected Philadelphia Fed Index has shocked Forex markets, with Euro and Pound rallies reversing some pips from intra-day highs reached on the first hour U.S. trading session.

Philadelphia Fed report has advance a further decline on activity in February falling to levels of 1990. with the employment sub-index falling to its lowest level on history.

EUR/USD has dropped back from 1.2760 to past 1.2700 on its way to 1.2675 level in the first 30 minutes after the release.

The GBP/USD has fallen more than 150 pips to levels below 1.4300 so far and the pair aims to break support level at 1.4270. The USD/JPY. If that level gives, the GBP would have reversed all the gains posted on Thursday falling to 1.4220/30 area. USD/JPY has moved down about 50 pips and at the moment the USD approaches support level at 94.00.