Asian markets advance on U.S. data; Euro and Pound consolidate at high levels

Fri, Nov 6 2009, 07:18 GMT
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FXstreet.com (Barcelona) - Asian markets are going through gains on Friday on increasing risk appetite following upbeat macroeconomic data in the United States. Euro and Pound consolidate at high levels.

Japanese Nikkei Index rises 0.7%, while Hong Kong's Hang Seng Index adding 1.7% and South Korean Kospi Index 1.1% up. Furthermore, markets in Australia, Indonesia and Singapore have also risen.

Investor's confidence has been buoyed bu U.S. initial jobless claims, which fell yesterday to their lowest level since January, showing that the wold's main economy stars to give clear signs of recovery ,which has improved risk appetite, ahead of key non-farm payrolls data due at 13:30 GMT.

Euro and Pound, consolidating at higher levels

EUR/USD retreat from 1.4910 high found support on Thursday at 1.4810, and the Euro bounced up to return upwards and hit an intra-day high at 1.4915, easing afterwards, to consolidate during Asian session in a tight range from 1.4850 to 1.4875.

GBP/USD pulled down on Thursday from 1.6600 to find support at 1.6465 before bouncing up after BoE's monetary policy statement, reaching a fresh 2-weeks high at 1.6635, to consolidate afterwards, through Asian session, in a range from 1.6560 to 1.6625.

USD/JPY has continued trading sideways within the current week's range, constrained between strong support at 90.00 and resistance at 91.30. The Dollar bounced on Thursday's European session at 90.00 to cap at 90.85 on early Asian session, and return to 90.40 area at the moment of writing.

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