FXstreet.com (Barcelona) - Asian markets have turned to gains after a weak opening on Monday after news of Dubai receiving a $10 million credit to solve its financial problems, in FX markets, Euro and Pound are correcting upwards after Friday's declines.
Japanese Nikkei Index has remained practically flat on Monday, while Hong Kong's Hang Seng Index edged up 0.1%a and South Korean Kospi Index added 0.4%. Markets in India, China and Australia have also posted moderate gains.
Dubai's Government has announced the concession of a $10 billion emergency credit from Abu Dhabi, in order to solve debt trouble from Dubai's World investment conglomerate, an state owned project, which had recently appealed to delay the payment of its $60 billion debt.
Euro and Pound bounce up
EUR/USD decline from 1.4770 area on Friday found support at 1.4600 and the Euro bounced up during Asian session to reach .4685 high before easing to levels around 1.4665 at the moment of writing; 0.25% above its day opening price.
GBP/USD eased on early Asian session and the pair launched a test to 1.6190/00 support area, which held fast, and the pair bounced up to levels right above 1.6300 although, rejected at 1.6325, the Pound is dropping fast , ahead of the European session opening, reaching levels around 1.6230 at the moment of writing.
USD/JPY rally from 87.40 low on December 9, peaked on Friday at 89.80, and the pair's pullback has extended during Asian session to 88.40 low and Dollar's following rebound was halted at at 89.00.