FXstreet.com (Barcelona) - Asian markets are going through gains on Tuesday as G20 ministers stress the need of maintaining massive stimulus efforts to support the incipient economic recovery. Euro remains consolidating while Pound edged down.
Japanese Nikkei index edged up 0.3%, in spite of a sharp decline in the country's current account surplus, weighed by weaker exports. Hong Kong's Hang Seng Index rose 0.6% and South Korean Kospi Index gained 0.5%. Australian S&P Index soared 1.5% on the back of consumer confidence soaring to its highest level in almost six years.
ith Wall Street closed for Labour Day bank holiday, markets focused on the G20 finance ministers' meeting in London. Officials stated that economic recovery is on its way although continued government efforts, in the form of liquidity injections, lower interest rates and deficit spending, are crucial to keep economy on the way of recovery.
Euro consolidates, Pound edges down
EUR/USD rose on Monday to 1.4360, and the pair edged down to 1.4324 to remain consolidating, during Tuesday's Asian session, from 1.4325 to 1.4350.
GBP/USD opened the week climbing to a 6-day high at 1.6445, to decline during the U.S. session times to levels around 1.6320, and the Pound remained in range from 1.6320 to 1.6350, to pick up at the time of writing, reaching levels around 1.6375.
USD/JPY recovery from Sept 3 low at 91.95 reached on Monday 93.30 high and the pair declined during U.S. and Asian sessions to find support at 92.70.