FXstreet.com (Barcelona) - U.S. stock markets have turned down after a slightly upward opening, after U.S. unemployment rate soared to the highest level since 1983. The Euro has broken intraday low while the Pound has strengthened.
Dow Jones Index is going through losses by 0.78% and the Nasdaq Index falls 0.59% less than an hour after the opening bell.
On the macroeconomic domain, U.S non-farm payrolls have declined by 663,000 in March, with the unemployment level reaching 8.5%, 25 year high. The Non manufacturing ISM data, showing a services sector whose activity keeps contracting, has added pessimism to already hesitant markets.
Pound stretching higher
The Pound has continued in the bid tone seen the last days, and, after unemployment figures were released, GBP/USD boosted to mark a fresh 7-week high at 1.4845 from levels 100 pips lower right before the data release.
USD/JPY has returned to levels below 99.95 after an spike to a fresh 5-month high reaching 100.30; 99.95 level seems a pretty strong one an the Dollar is finding it tough to hold above 100.00.
EUR/USD, after an initial bullish reaction to the payrolls report, has dropped about 100 pips breaking below intra day low at 1.3400 to drop to 1.3365 support level to bounce afterwards, reaching levels around 1.3430 almost an hour after the U.S. session opening.