Tuesday, March 1, 2011

Asian markets

Asian markets have traded on a positive tone on Tuesday, with investors sentiment lifted by steadier oil prices and Chinese manufacturing figures which have eased concerns about further monetary tightening. In currency markets, the Dollar picked up against the Yen.

Japanese Nikkei Index advanced 1.1% while the Hong Kong Hang Seng Index added 0.1% and Australian ASX Index edged 0.1% lower. Chinese Shangai Composite Index rose 0.6%. Markets in Taiwan, Singapore and India have traded higher, while the South Korean Kospi Index was closed for bank holidays.

On the macroeconomic front, Chinese Manufacturing PMI eased to 59.2 in February from 59.9 in January, while the HSBC PMI for February dropped to 51.7 from 54.5. A significant slowdown on manufacturing activity, which suggest that Chinese government's efforts to cool off the country's economy might be starting to catch up.

Dollar ticks up against Yen

USD/JPY retreat from 84.00 area last week extended to 81.60 area, to test uptrend support line from November lows, where the pair found demand to puck up on Asian session, returning above 82.00 to reach 82.25 high ahead of Europe.

EUR/USD bounced yesterday at 1.3710 support area and the pair rose on European session, favoured by higher inflation in the Euro Area, to cap at 1.3860 resistance area, and consolidate at 1.3800/30 during Asian session.

GBP/USD retreat from 1.6275 high last week found support on Friday at 1.6030 low, and the Sterling soared on Monday to retrace the previous three days' decline and consolidate below 1.6300 during Asian session.

source: http://www.fxstreet.com

36 comments:

  1. My girlfriends sister wants to move to Japan, from england, not really currency related i know... but shes learning the langauge and the currency =]

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  2. So for the last couple of days, it seems like the dollar is starting to gain traction again. Could this be the sign of a continuing trend? I know I have a lot invested dollar wise, and as it is the currency of my home country, I'd like to see do well. I've been hearing nothing but horror stories since the crash of 2008...

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  3. The Asian markets always are a mystery to me. Thanks for the update!

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  4. japanese index keeps growing... looks like a growing market..

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  5. Thanks for the update! Does it make me a dork that I check your blog for these things?

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  6. Dollar will be in trouble soon :/

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  7. its time to buy yuan and vietnamese dong !!

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  8. The Asian have always had a positive tone, I don't think I have even seen them actually drop once except for lead.

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  9. This is going to help with my holidays.

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  10. I heard yesterday that the markets were due to shoot upwards after the oil prices stabilised yesterday after weeks of gains from the turmoil in the middle east.

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  11. declining Sterling makes me sad :(

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  12. yea the asian markets always been growing

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  13. Thanks for keeping us informed!

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  14. I lulzed at south koreans spreading leaflets of middle east unrest in north korea.

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  15. Hmmm asians confuse me. Could you do a post on petrol/gas prices?

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  16. Will Asian dominance add pressure towards the Amero?

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  17. thats pretty interesting, thanks as always

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  18. I've always been interested in the Asians

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  19. very informative, i'll be sure to follow your blog

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  20. Asia is realizing just how connected they are becoming to the world market. I wonder when they will start fully joining it in a meaningful way

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  21. Love finance blogs. Followed!
    alphabetalife.blogspot.com

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  22. Don't know much about Asian market

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  23. wow goodbye the dollar , nice site you have, deffs following :)

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  24. Solid update. Im still watching ES 1300. Holding decently.

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  25. Interesting. Like usual, thanks for the info; I wish I could tell you what the future will bring!

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  26. let's see if things start to get better

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