FXstreet.com (Barcelona) - U.S. stock markets have opened the session with losses ahead of today's Fed decision, and The Dollar has slumped against most majors; volatility has increased as investors might be closing positions ahead of the FOMC.

Dow Jones has lost 1.77% after the first hour of trading, with Exxon lost 3% after oil prices dropped from 3-month high, and Nasdaq drops 0.81%; Sun Microsystems Inc.has jumped 65 percent offsetting partially losses on technologicals.

Euro and Pound have rallied on the back of narrower than expected U.S. current account, while Consumer Prices Index rose 0.4% in February, as expected.

EUR/USD The Euro has risen past 1.3070 and Feb 9 high 1.3093 after U.S. data was released, reaching 1.3150, on its way to Jan 29 high at 1.3180.

The Pound has recovered partially after having posted a fresh intra-week low at 1.3845, after better than expected U.S. current account. Sterling has posted a 100 pips rally to trade above yesterday's low at 1.3960.

The USD/JPY has dropped to fresh intra-day lows after breaking support level at 98.50, selling pressure has increased, sending the pair towards 97.90/98.00 support level, so far the mentioned support remains intact and the pair trades upward slightly above 98.00.

USD/CHF has dropped about 200 pips during the U.S. trading session so far, dropping from 1.1823 to a low of 1.1625. At the moment the pair is trying to pick up from 1.1660 (Mar 11 high) having given away all the ground gained at Mar 12 rally after the SNB interest rate decision.