FXstreet.com (Barcelona) - Wall Street seems to be picking up after an erratic opening, weighed by news on Morgan Stanley swinging into losses on the Q1 and IMF downgrading global economic outlook. Euro rallies, and the Pound picks up from a 21 day low.

Dow Jones Index edges up 0.24%, and the Nasdaq Index goes through gains by 1.0% while the S&P Index trades 0.26% below its opening level in the first hour of trading.

Morgan Stanley announced a $177 million loss in the Q1 as a consequence of the weak commercial real estate market, while the IMF has downgraded global economic outlook, anticipating a 1.3% contraction on world economy, during the current year, revised up from the 0.5% growth estimated in January.

Pound tumbled, Euro strengthens

GBP/USD has dropped from 1.4660 levels before the IMF press release, to reach 1.4400, the lowest level since Apr 1 after news of the gilts issuance revision, to pick up slightly. At the moment, the Pound trades at 1.4480, 1.31% below its day opening price.

The Euro is picking up on early U.S. session and after bouncing at 1.2920 level the pair has propelled about 100 pips higher, above 1.300 reaching 1.3020 resistance level.

USD/JPY has bounced at 97.55 level on early U.S. session reaching to test 9805/15 resistance area.

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