FXstreet.com (Barcelona) - Asian stock markets have extended gains on Friday on the back of G20 commitment to tackle the global economic crisis. The Euro and Pound have consolidated after yesterday's rally and USD/JPY tested levels above 100.00.
World major powers have committed to inject $11 trillion dollars to the International Monetary Fund to lend trouble countries in order to get over the global economic turmoil.
On the macroeconomic front, Chinese manufacturing output increased slightly for the first time in six months, suggesting that Chinese economy, the third largest world economy, might have bottomed.
Asian stock markets have received the news with optimism and Nikkei Index has posted gains by 1.3% on Friday: Hong Kong's Hang Seng Index has increased 0.5%, while South Korean Kospi Index added 0.7%.
USD/JPY hits 5-month high; Euro and Pound consolidate
USD/JPY has remained hovering below the 100.00 resistance level after having hit a fresh 5-month high at 100.17 during the Asian trading session.
The EUR/USD has eased slightly following yesterday's a rally by nearly 300 pips After reaching a maximum level at 1.3515, the Euro has eased to a low at 1.3400, although the pair remains trading between 1.3415 and 1.3495.
GBP/USD has consolidated above 1.4680 after having reached a maximum level yesterday at 1.4772 reaching the 24 March high.