FXstreet.com (Barcelona) - Asian markets are going through modest advances on Friday despite widespread concern in the rare about tighter economic policies in China. Euro and Pound have reached higher levels.

Japanese Nikkei Index advanced 0.3% despite the country's unemployment level reaching its all-time high in July, South Korean Kospi Index was up 0.2% and Hong Kong's Hang Seng Index dropped 0.5%. Chinese Shangai Composite Index dropped 2.8%, and Markets in Australia and Taiwan went also up.

U.S. second quarter's Gross Domestic Product was left unrevised at -1%, better than expected, and showing a substantial improvement after the -6.4% posted in the first quarter. On the negative side fears about China adopting tighter economic measures to prevent its economy from overheating after huge economic stimulus, have arisen concern among investors.

Euro and Pound, trading higher

EUR/USD rose on U.S. session from 1.4220 low to test levels right above 1.4400 on early Asian session, and the pair eased afterwards to consolidate at levels right above 1.4350.

GBP/USD decline from 1.6625 high on August 21 reached on Thursday a fresh 6-week low at 1.6153, before bouncing on early Asian session, to levels below 1.6300. At the moment, the Pound trades between 1.6260 and 1.6300.

USD/JPY declined on Thursday to a fresh one-month low at 93.22 to bounce afterwards to consolidate in a range from 93.60 to 93.85.