Asian markets advance further on upbeat corporate earnings; Dollar drops further

  @ibtimes on October 20 2009 2:13 AM

FXstreet.com (Barcelona) - Asian markets are going through gains on Tuesday as strong earnings figures from Apple have fuelled risk appetite pushing benchmark indexes to 14 months high. The Dollar has continued its decline against Euro and Pound.

Japanese Nikkei index advances 1.1%, while Hong Kong's Hang Seng Index added 0.8%, South Korean Kospi Index rose 0.4%. Australian S&P Index advanced 1.1%, and Chinese Shangai Composite Index rose 0.6%.

Strong earnings reports from Apple and Texas Instruments in the U.S. have fuelled Asian technology sector's shares and firms such as Sony and Kyocera have gained 1.1% and 1.3% respectively .

Commodity prices have also advanced further due to the Dollar weakness, and oil prices have reached levels above $80.

Dollar continues depreciating

EUR/USD has taken advantage of Dollar weakness and, after bouncing at 1.4820 low on Monday, the pair has broken above its year to date high reaching a fresh high at 1.4995, right below 1.5000 psychological area where, sellers have showed up to send the pair back to 1.4965 area.

GBP/USD bounced on Monday at 1.6235 low and the pair rallied during U.S. session to break above Friday's high at 1.6400 reaching a session high at 1.6435., which is being tested at the moment.

USD/JPY decline from Monday's high at 91.10 has extended lower, and the Dollar broke below Monday's low at 90.35 to reach a session high at 90.10. At the moment, the Pair is trying to set a base at the mentioned low, with the pair oving around 90.20.

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