Wall Street is posting important losses for the second day in a row as crude oil (WTI) hits $100 for the first time since October of 2008. Gold is holding above $1,410 an ounce. Commodity currencies and the Pound are falling on American hours against the Dollar. The Swiss Franc and the Yen are among the strongest currencies but Greenback started to move off session lows in the last hour.
Wall Street adding to yesterday’s decline
The DOW is falling 112 points or 0.95%, currently at 2-week lows while the NASDAQ falls further, 1.50%. In Europe markets ended in red: FTSE 100 -1.22%; CAC 40 -0.914; DAX -1.68%. Concerns over Libya are weighting on risk appetite. Current environment in North Africa and Middle East are increasing worries about oil supply. The barrel rose to $100 a barrel in New York for the first time in two years.
USD trims losses
The decline of the Dollar against European currencies eased during the American session. EUR/USD rose to 1.3785 and pulled back to 1.3730 while GBP/USD failed to hold above 1.6200 and retreated to 1.6179. Cable weakened across the board in the last hours.
USD/CHF tested record lows but so far it has been able to hold above 0.9300; the pair is now trimming losses, attempting to recover levels on top of 0.9350. USD/JPY is also recovering, moving away from daily lows. The Aussie and the Kiwi lost momentum during the American session and erased gains.
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