FXstreet.com (Barcelona) - Asian markets have been mixed on Friday on mounting concerns of global economic slowdown, while Euro and Pound moved sideways, and Dollar slid beyond 98.00 against the Yen.
Investors went through a moment of optimism after British government announced plans to support troubled banks but once again very negative macroeconomic data showed the ropes of an intense slowdown momentum for global economy.
Japanese Industrial production posted a record decline in January, to put an end to a month in which Asian economies, highly dependant on exports have tumbled and their currencies sank.
Yen slightly up, Euro and Pound in range
The yen has advanced somewhat against the Dollar as the USD/JPY fell from 98.73, session high, below 98.00 support line to a low of 97.32, despite record drop in Japanese industrial production. Nevertheless, the Dollar seems to have found support at 97.33 and is setting an expedition towards 98.00 resistance.
The Euro continues consolidating and it keeps trading in range. During the Asian trading hours the EUR/USD moved from a low of 1.2700 to 1.2750. volatility is very low and the Euro shows no direction although pointing slightly upwards.
Same rules apply to the Sterling, moving from 1.42590 to 1.4300 during the whole Asian session