Forex | Forex | Asian stocks gain on commodity prices; Euro and Pound pare losses (20/08/2009 06:07:00)

Asian stocks gain on commodity prices; Euro and Pound pare losses

FXstreet.com (Barcelona) - Asian markets are going through gains on Thursday, as higher commodity prices helped Wall Street to turn positive on Wednesday after an erratic opening. Euro and Pound consolidate at higher levels.

Japanese Nikkei Index advanced 1.5% and Hong Kong's Hang Seng Idex rose 1.9%, while South Korean Kospi Index added 1.4%. Chinese Shangai Composite Index rose 2.4% after a sharp decline on Wednesday.

U.S. markets bounced up on Wednesday on the back of an unexpected decline in oil stocks, which triggered a 4% increase in crude prices, which has translated into robust gains for commodity producers in Asia, with stocks of Japanese energy producers jumping about 2.7%.

Euro and Pound return to week highs

EUR/USD jumped on Wednesday's U.S. session, from levels around 1.4085 to hit intra-week high at 1.4265, and the pair has remained consolidating, during Asian session at levels above 1.4200.

GBP/USD declined on Wednesday from levels right below 1.6600 to 1.6370 low during European session, to bounce up, buoyed by higher oil prices, to 1.6570 high, to consolidate during Asian session at levels above 1.7500.

USD/JPY has appreciated on risk appetite, and, after having declined to a fresh 3-week low at 93.65, the Dollar has bounced back and advances at levels around 94.50 ahead of the European session opening.

For more information, read our latest forex news.


Comments (0 posted):

Post your comment Forex-comment

Please enter the code you see in the image:


  • Forex-send Email to a friend
  •   Add To facebook

Rate this article
0
New Forex News

US: Mixed August labour market report

On balance the August labour market report disappointed slightly, but incorporated both positive and negative news.  The unemployment rate resumed its rapid upward trend hitting

Canada: First private payroll increase in 11 months

Latest (monthly change): +27.1k (Actual); -15.0k (expected) Previous: -44.5k FACTS : Canadian employment experienced a gain of 27.1K in August with part-time jobs increasing by

U.S: Top-line growth to resume in Q3

Market Watch With Q2 earnings essentially all in, investors are already turning their attention to the third quarter. The much-better-than-expected Q2 earnings came on the

U.S: Geithner at G20 Meeting

Today US Secretary Timothy Geithner released a statement of principles to guide forthcoming Group of 20 nations' meetings regarding financial regulation. These eight principles followed

U.S: Initial Jobless Claims

The four week moving average for Initial Jobless Claims has risen 14,750 over the month of August from 556,500 for the July 31st week to
U.S: ISM Non-Manufacturing (Aug)

U.S: ISM Non-Manufacturing (Aug)

The August ISM non-manufacturing index rose to 48.4 from 46.4, marking the 11th consecutive month that the sector contracted. Nevertheless, the pace of decline is

Gold Weekly Technical Outlook

Comex Gold (GC) Gold rose sharply to as high as 999.5 last week, just shy of 1000 psychological level, before turning sideway. Initial bias remains
Canadian Dollar Extend Gains on U.S. Optimism

Canadian Dollar Extend Gains on U.S. Optimism

The Canadian currency climbed even further before the end of this week’s session after optimism was renewed among traders with stocks and commodities climbing, After both Canada and the U.S. posted

GBPUSD's downtrend from 1.7042 extended further to as low as 1.6113 level

GBPUSD's downtrend from 1.7042 extended further to as low as 1.6113 level. Deeper decline is still possible next week and target is to test 1.5801

Forex Weekly Trading Forecast - 09.07.09

US Dollar: Will a Recovery in Liquidity Usher in a Breakout? Euro Forecast to Range Trade Against US Dollar on S&P Choppiness Japanese Yen Range