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Wednesday, October 7, 2009
Euro and Pound in Range; A brighter economic outlook for Asian markets
Posted on 2:22 AM by Jeff Caceres
Today, we learn how forex market has changed a lot daily especialy on Asian markets. After two days of declines, Asian markets advanced on a strong pace today. The risk appetite has increased after the belief of an investor strengthens the economic recovery. Both Euro and Pound have moved a little closer to its hiher limit.
On the other hand, Australia has rallied their S & P index to 2.4%, Japanese Nikkei Index rises to 1.3%, and Hongkong's Han Sei Index advances to 1.9%. Other Asian markets who advaned their index for today are Taiwan, Singapore and South Korea.
Through the support of the Australian RBA rate hike, the investors have turned their risk assets which the first developed country in adopting a decision of its own kind since the start of the global economic crisis. The decision has already been analyzed as a signal of strength on the economy of Australia.
In terms of Euro and Pund foreign exchange stats, EUR/USD has remained moving in a range between 1.4685 and 1.4735 roughly, in Asian sessions. They immediately consolidate below Tuesday's high at 1.4750. At this time around, Euro has moved to 1.4700. On the other hand, GBP/USD has moved between 1.5880 to 1.5940 ater its decline from 1.6050 high last Tuesday, but the Pound has dropped below 1.5880 to trade at levels around 1.5860. USD/JPY also declined from 90.00 area last Monday, but was found supported during U.S. session at 88.60.
News source: http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=c98605fc-58e9-42d3-ae65-0121aa13b64b
On the other hand, Australia has rallied their S & P index to 2.4%, Japanese Nikkei Index rises to 1.3%, and Hongkong's Han Sei Index advances to 1.9%. Other Asian markets who advaned their index for today are Taiwan, Singapore and South Korea.
Through the support of the Australian RBA rate hike, the investors have turned their risk assets which the first developed country in adopting a decision of its own kind since the start of the global economic crisis. The decision has already been analyzed as a signal of strength on the economy of Australia.
In terms of Euro and Pund foreign exchange stats, EUR/USD has remained moving in a range between 1.4685 and 1.4735 roughly, in Asian sessions. They immediately consolidate below Tuesday's high at 1.4750. At this time around, Euro has moved to 1.4700. On the other hand, GBP/USD has moved between 1.5880 to 1.5940 ater its decline from 1.6050 high last Tuesday, but the Pound has dropped below 1.5880 to trade at levels around 1.5860. USD/JPY also declined from 90.00 area last Monday, but was found supported during U.S. session at 88.60.
News source: http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=c98605fc-58e9-42d3-ae65-0121aa13b64b
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