FXstreet.com (Barcelona) - Asian markets are going mostly lower on Friday following declines on Wall Street, as investors start to think on a long recovery period and with declines in commodity prices. Euro and Pound remain trading in range.
Japanese Nikkei Index drops 1.2%, while South Korean Kospi Index edged up 0.2%, and Hong Kong's Hang Seng Index was 0.8% down. In Australia, the S&P Index dropped 1.4%.
Resources and Technologies have been leading losses on Friday, resource stocks have gone lower on the back of declines in commodity prices,m while Technologies have been following declines in Wall Street after weaker than expected earnings from Dell and Bank of America-Merryll Lynch downgrading Intel and other electronics companies.
Euro and Pound, in range
EUR/USD decline from 1.4990 held on Thursday at 1.4845, and the pair's following recovery attempt has been halted at 1.4935. During Asian session the pair has gone back and forth between 1.4880 and 1.4935.
GBP/USD decline from 1.6875 high at the beginning of the week found support on Thursday at 1.6605 intra-week low, and the pair has remained moving from 1.6605/15 to 1.6675 during Friday's Asian session.
USD/JPY decline from Wednesday's high at 89.50 found support on Thursday at 6-week low at 88.65, and the pair picked up to 89.05 where it has been rejected, to pullback during Asian session, reaching lows art 88.65.