Monday, March 7, 2011

Asian markets

Asian markets have opened the week on a negative tone, as fears about turmoil in Libya intensify, pushing oil prices higher. In Currency markets, Euro and Pound consolidate at Friday's levels, while the Dollar lost ground against the Yen.

Japanese Nikkei Index plunged 1.8%, after the resignation of the country's foreign minister, while the Hong Kong Hang Seng Index eased 0.3%, and South Korean Kospi Index dropped 1.2%. The Australian ASX index lost 1.3% and Chinese Shangai Composite Index advanced 1.3%.

Stock markets have opened the week with high risk aversion, as oil prices continue escalating, with April crude rising to USD104.42 in New York on Friday, buoyed on concerns about conflict in Libya and the possibility of unrest spreading through the middle East.

Euro and Pound, in range, Yen higher

USD/JPY rose above 83.00 on Friday, following better then expected US Non-farm payrolls data, although, capped at 83.05, the pair lost ground through the US session, to extend losses on Monday's Asian session, to hit 82.15 low so far.

EUR/USD rally from 1.3430 area on Mid February extended on Friday to a fresh 4-month high above 1.4000, although, unable to hold above the mentioned psychological resistance level, the Euro has been trading between 1.3960 and 1.3995 in Asia.

GBP/USD rally from 1.6000 area on late February, was capped last week at 1.6345, and the pair eased below 1.6300, to perform a choppy consolidation between 1.6230/40 and 1.6300 on Friday and Monday's Asian session.

source: http://www.fxstreet.com

17 comments:

  1. Ahh the forex market! I do hope you're doing well on it! Thanks for sharing!

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  2. that big downward dip isn't so good :(

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  3. The Asian Market should be recovering soon, after this settles down.

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  4. I hope the Euro doesn't go up to much before my trip!

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  5. im thinking of going into forex trading, will be looking forward to your info :)

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  6. I wonder the impact that the current situation in the middle east will have upon all this...

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  7. thanks, thanks to this im learning something about world economy..

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  8. Hopefully the market holds up today. Ding ding ding in 30 mins

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  9. I love reading about these. Sounded boring at first, not to be mean, but now I love it.

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  10. interesting read +followed bro oath!

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  11. I have been meaning to ask you as well, how well are you doing in the Forex market right now personally? I have seriously been considering entering it...

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  12. Things are only going to get worse for awhile with investors worrying about libya and the surrounding region....

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  13. im sure that dip will go up again

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  14. china could hurt the dollar badly

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