Monday, March 14, 2011

Asian markets

Asian markets are mixed, with the Nikkei plummeting on its first trading day after an earthquake and a following tsunami devastated large areas of the country. In currency markets, the Yen has pulled back after rallying at the opening.

Japanese Nikkei Index has plunged 6.2%, while Australian ASX index sheds 0.4%. On the positive side, the Hong Kong Hang Seng Index edged 0.1% up, and the South Korean Kospi Index rose 0.8%. In China, the Shangai Composite Index remains practically flat.

Market sentiment remains weighed, with Japan struggling to avoid a nuclear catastrophe, with the Bank of Japan taking additional monetary easing measures, while Japanese Finance Minister Noda affirms its commitment to watch Forex markets closely to avoid yen speculation.

Yen highly volatile

USD/JPY decline from 83.30 high on Friday extended on Asian session opening to 80.60 low, and bounced after BoJ increased its bond buying programme to JPY10 Tr, and injected record funds in the banking system. The pair bounced up and consolidated above 82.00 ahead of the European session.

EUR/USD bounced up strongly on Friday after bottoming at 1.3750, one-week low, and the pair extended to 1.3985 high on Asian session opening, to consolidate between 1.3915 and 1.3985 ahead of the European session opening.

GBP/USD retreat from 1.6345 high last week bottommed at 1.5975 low on Friday, and the pair bounced up, to regain 1.6000, and capped at 1.6100on early Asian session, ease to 1.6045 ahead of the European session opening.

 source: fxstreet.com


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13 comments:

  1. Patti D.March 14, 2011 at 4:17 AM

    obviously it's going down.

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  2. BlowingInTheWindMarch 14, 2011 at 4:53 AM

    Watched a bit of the stock market on BBC this morning. Thought of this blog :)

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  3. CandleintheDarkMarch 14, 2011 at 5:14 AM

    I knew it would probably be bad ;/

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  4. SamMarch 14, 2011 at 7:43 AM

    Shame my funds are tied up in equities otherwise I'd be trading these pairs

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  5. UnknownMarch 14, 2011 at 8:56 AM

    if you buy put options on asian market shares you could gain some money
    but imho thats highly immoral

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  6. metaphysicalfarmsMarch 14, 2011 at 9:56 AM

    I wonder if the rebuilding of japan will spur economic growth despite the devistation

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  7. ChrisMarch 14, 2011 at 10:05 AM

    Volatility going through the roof

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  8. Every DayMarch 14, 2011 at 10:19 AM

    Informative as always.

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  9. Chris C.March 14, 2011 at 1:39 PM

    I kinda expected the Yen to take a bit of a dive.

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  10. tyler_croweMarch 14, 2011 at 6:13 PM

    slightly immoral but buying when the market going down an investement could help them recover so it could be viewd as good.

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  11. tyler_croweMarch 14, 2011 at 6:15 PM

    I'm not sure it would be immoral because you are investing in a market that is falling, and because it is falling an investment can help them recover quickly.

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  12. soundboy1March 14, 2011 at 7:32 PM

    thats an interesting analogy

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  13. skinned sheepMarch 14, 2011 at 9:13 PM

    i hope they recover soon.

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