FX: US markets open higher after three days of losses; Dollar, slightly weaker
FXstreet.com (Barcelona) - US markets are going through gains at opening times, with investors hunting for bargains after three consecutive sessions of declines, ahead of Key housing data lated on the day. The Dollar has been going slightly lower against its major rivals.
Dow Jones Industrials Index advances 0.65%, while the Nasdaq Index adds 0.6%, and the S&P Index advances 0.85% in the first minutes of trading.
Dow Jones Index dropped about 4.0% during last week, closing the worst week since March last year, as investors rushed away from equities spooked by Obama's banking plan and concerns about monetary tightening in China.
Dollar, slightly weaker
GBP/USD recovery from 1.6075 low on Friday, has extended on early US session with the pair breaking past session high at 1.6175, to approach resistance area at 1.6200.
EUR/USD has been trading in range between 1.4130 to 1.4185/95 during the day so far, after bouncing up from 5-month lw at 1.4025 on Thursday.
USD/JPY decline from 93.30 area found support at 89.80 on Friday and the pair has attempted to bounce up several times although the Dollar remains unable to break above 90.30/35 resistance area.