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U.S. markets open on weak note and Dollar picks up

Tue, Nov 3 2009, 15:16 GMT
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FXstreet.com (Barcelona) - U.S. markets have opened Tuesday's session on a slight sell tone following declines in European and Asian markets ahead of the two-day monetary policy meeting by the Federal Reserve. The Dollar picks up against its major rivals.

Dow Jones Industrials Index declines 0.4% while the Nasdaq Index sheds 0.5% and the S&P Index edges 0.1% down in the first hour after the opening bell.

Financials are leading losses as Swiss UBS Bank announced a $500 million net loss in the third quarter and warned about withdrawals from wealthy customers persisting over the coming months. UBS shares dropped more than 6%.

On the macroeconomic domain, U.S. Factory orders have increased 0.9% in September, following an unrevised 0.8 decline in August, the fifth increase in the last six months. Non-defense capital goods orders excluding aircraft, a key gauge for capital spending have increased 1.8%.

Dollar picks up on weaker equities

EUR/USD has slumped during European trading from 1.4810 Asian session high to one-month low at 1.4625, and is trying to pick up during U.S. session although the pair remains capped around 1.4660 so far.

GBP/USD dropped from 1.6420 Asian session high, reaching levels below 1.6300 during European trade to bottom at 1.6260 before attempting recovery, returning above 1.6300 and struggling with 1.6325/35 previous lows at the moment.

USD/JPY remains trading in a range from 89.85 to 90.70, and decline from 90.50 high on Asian session has reached 89.85 low before bouncing to 90.50 resistance which is being tested at the moment.

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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