FXS: Asian markets advance as oil prices retreat; Euro, higher
FXstreet.com (Barcelona) - Asian markets have gone higher on Friday, after five consecutive days in red, as oil prices eased from 2-year highs, although trading remains cautious weighed by uncertainty in the middle East and North Africa. In Currency markets the Euro rose against The Dollar.
Japanese Nikkei Index has risen 0.7%, Australian ASX Index added 0.6%, South Korean Kospi Index advanced 0.7% while the Hong Kong Hang Seng Index surged 1.6%. In China, the Shangai Composite Index has eased 0.2%.
Market sentiment has been lifted by the slight decline on crude prices, Brent prices eased to $110 from the 2 1/2 year high at $120 reached on Thursday, which had triggered concerns about soaring inflation levels dampening embryonic global economic recovery.
Euro advances further
EUR/USD has been rallying almost continuously for the last two weeks, in spite of concerns of high oil prices, with the pair breaking above 1.3800 on early Asian session, reaching 1.3840 day high, and approaching 2011 high at 1.3860.
GBP/USD rejection at 1.625 high on Wednesday extended yesterday to 1.6085 low on early US session, and the pair picked up afterwards, regaining 1.6100 to consolidate around 1.6150 ahead of the European opening.
USD/JPY retreat from 84.00 area on mid-February extended yesterday to fresh multi-week lows at 81.60, and the pair picked up on US and early Asian session to find resistance at 82.00.
