Asian stocks surge on Intel, FX market little altered ~ Forex Special

Wednesday, July 14, 2010

Asian stocks surge on Intel, FX market little altered

Forex Special - Asian shares were catapulted north on Wednesday, bolstered by stronger-than-expected earnings from tech giant Intel and Singapore economy vowing to extend its growth forecast to a whopping 15% for 2010.

Major indexes in Asia posted broad-based gains, with the Japanese Nikkei 225 outpacing its rivals after rising nearly 3%. In Shangai, stocks rose 1.10%, in Australia, the ASX-200 advanced 1.53% and the Hang Seng climbed 1.05%.

The injection of vitality into the Asian market was completed by a fruitful US session on Tuesday, after Wall Street tailed off with benchmark indexes such as the Dow Jones or Nasdaq up by almost 2%.

In the currency market, EUR/USD remained trading at a 2-month high above 1.2700, having suffered no major variations overnight. Current price sits at 1.2715, a 0.07% lower than yesterday's close.

GBP/USD continued to display upward tendencies for a second straight day, hitting a new 2-month high at 1.5241 area. The price retreated to 1.5216 level (actual price). The pair trades 0.33% higher than previous close.

USD/JPY also jumped higher after a strong rebound from lows at 88.00 sent the price to peak at 89.08 area (intra-day high), The pair has a mild pull-back from highs to currently stay at 88.94 level, a 0.27% higher than previous close.