Asian markets advance on carmakers and South Korean GDP; Euro, consolidating

Mon, Oct 26 2009, 07:12 GMT
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FXstreet.com (Barcelona) - Asian markets have opened the week on strong note with carmakers and consumer companies leading gains, after Toyota released better than expected quarterly earnings report. The Euro consolidates at year highs.

Japanese Nikkei Index has risen 0.8%, and South Korean Kospi Index advanced 1%. Australian S&P Index fell 0.6%, while markets in Hong Kong and New Zealand are closed for holidays.

Toyota Industries, automotive arts manufacturer owned by Toyota Motor Corp.rose 7.5% in Tokyo session, while Toyota Motor advanced 2% after posting narrower then expected losses.

Furthermore, South Korean GDP rose 2.9% in the third quarter, according to its Central Bank, the fastest growth rate since 2002 and well above the 1.9% expected by the analysts.

Euro consolidating at year highs

EUR/USD has returned to levels above 1.5000. After a slight correction on late U.S. session on Friday, the Euro has found support at 1.4980 area, and returned above 1.5000 during Asian session, to trade in a range from 1.5025 to 1.5060.

GBP/USD has remained consolidating in a range around 1.6300 during Asian session after Friday's sell-off. The Pound has moved during Asian session from day lows at 1.6250/60 to 1.6320 on the upside.

USD/JPY reached a fresh one-month high at 92.20 on early Asian session, although the pair declined afterwards to hit a session low at 91.55 and picked up afterwards to trade at levels around 91.90 at the time of writing.

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