US markets turn down on automakers hurting confidence, EUR consolidating

Thu, May 7 2009, 16:32 GMThttp://www.fxstreet.com
US markets turn down on automakers hurting confidence, EUR consolidatingFITITOL-->Fxstreet.com (Barcelona) - Wall Street has turned down from positive open after GM published its first quarter sales results. The automaker has said it lost twice as much money between January and March as it lost a year ago. Consumer confidence hurt sales on bankruptcy fears.Dow Jones is falling 0.83% an it has lost the 8.500 pts level, S&P 500 is down by 0.68% on the day and Nasdaq is posting 1.92% decreases.EUR/USD is fighting the 1.3400 key level after the shaked US session's beginnings. GBP/USD continues close to 1.5000 key level and USD/JPY is testing 99.00 resistance level after falling to 98.80.According to Valeria Bednarik, FXstreet.com collaborator, markets is focusing on bank stress test: "Stocks and dollar, are fighting to remain positive, as today around 5 p.m. east time, FED will finally announce the results of the bank stress test of the 19 largest banks in the U.S., although some comments have been made already and speculation that at least 10 of those banks need to increase their capital. Wall Street is losing ground ahead of the release."