FXstreet.com (Barcelona) - Asian markets are going through losses on Tuesday as swine flu continues weighing on investors and hitting airlines and tourism-related firms. Euro and Pound have declined and the Yen has risen against Dollar on risk aversion.
Tokyo Nikkei Index is trading 2.03% below its opening level, and South Korean Kospi Index was dropping 0.8% while Hong Kong's Hang Seng Index edged down 0.3%.
Pharmaceutical companies have soared, with Chugai Pharmaceutical up 4.3%; Korea's Yuhan 5.6% up and Green Cross jumped 15%. On the other side, Airlines and tourism firms have declined; Air New Zealand was 0.9% down, Korean Air fell 2.0% and China Airlines lost 4.5%. Banks' s hares have also dropped in Asian session on news that Citigroup and bank of America would need more capital.
Euro and Pound drop against Dollar
The Euro has lost positions against the Dollar as investors run for safe haven currencies. Decline from 1.3300 high last Friday has extended to levels below 1.3000 on Asian session. At the moment the Euro trades in the area between 1.2985 to 1.3035.
The Sterling has also reversed most of the gains taken on Monday, GBP/USD has declined from 1.4695 high yesterday to a session low at 1.4550. At the moment, ahead of the European opening bell, the Pound moves at 1.4560; 0.40% below its opening price.
USD/JPY has declined further in Asian session reaching levels below 96.00 for the first time in a month.The Dollar trades now at 95.95 support level (Mar 30 low) 0.70% below its day opening price.
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