FXstreet.com (Barcelona) - Wall Street has opened the session with declines on the back of Obama Administration advising bankruptcies as the best outcome for GM and Chrysler; The Dollar has strengthened further against Euro and Pound.
Banks have also been hit by renewed concerns over the financial system, Citigroup and Bank of America have dropped above 10% each.
Dow Jones Index drops 2.90% one hour after the opening bell, with GM shares dropping below $3 to their lowest levels in decades while the Nasdaq Index drops 2.90%, with its financial sector dropping 5.5% and the S&P Index 2.76% down.
Dollar and Yen continue appreciating on risk aversion
EUR/USD: After having hold today's bearish pressure, 1.3155 support level has given way at Early U.S. session on the back of declines on U.S. stock markets, advancing towards 1.3100/10 support zone.
GBP/USD drop from 1.4295 on early Asian session has reached 1.4135 after the U.S. session opening, although the Pound has picked up slightly returning to levels right above 1.4160 support level.
USD/JPY has reversed its upward trend after the U.S. session opening, and the Dollar rally from 95.95 intra-day low has halted at 97.10 (Mar 27 low) to drop to 96.66. At the moment the Dollar is testing resistance at 96.90