Sunday, July 11, 2010

Asian stocks extend its gains, USD appreciates


Forex Special - Asian equities were lifted up once more, extending its winning streak after Wall Street posted its most profitable week in a year. Investors were bound not to over-panic on unfounded reasons, this helping to maintain a bullish tone throughout the session.

In Japan, the Nikkei 225 took a dive on the loss of an upper house election by the current government. This setback is likely to set further difficulties on the government current struggle to find new allies and get financial bills passed through the senate.

The rest of benchmark indexes had a decent performance. The ASX-200 in Australia rose up 0.17%, the Shangai Composite climbed 0.64%, the Hang Seng in Hing Kong was up 0.67% while the Kospi in Seoul improved by 0.35%.

In the currency market, the US Dollar was the big winner through the assian session, advancing firmly against its main rivals. EUR/USD posted losses for a second consecutive day a the USD pressures the Euro back down to correct the recent pair's ascension. Current price can be found at 1.2597, a 0.32% fall from previous close.

GBP/USD lost nearly 75 pips to the downside after an opening at 1.5077 led to a progressive decline in the Cable, taking the pair back down to 1.5000. Current price stays at 1.5010, a 0.51% decline compared to Friday's close.

USD/JPY was boosted for a 4th consecutive day, to the point of extending its upward correction at 89.15 (2-week high), only to retreat at 89.91 (current price), a 0.33% jump up from previous close.

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