FXstreet.com (Barcelona) - Asian markets are going through declines on Monday as investors' confidence continues damaged bu the weak U.S. Non-Farm payrolls report seen on Friday. Euro and Pound are on the upside, trimming losses from previous week.
Japanese Nikkei Index drops 0.6%, while Hong Kong's Hang Seng Index edges down 0.2%, and South Korean Kospi Index loses 2%. Benchmark markets in Australia, India and Singapore are also negative.
U.S. non-farm payrolls report showed that U.S. economy destroyed 263,000 employments in September, well above the 175,000 forecasted by the analysts,which suggests that employers continue cutting costs by reducing staff which will continue weighing on consumer spending.
Euro and Pound testing resistance
EUR/USD has continued trading upwards during Monday's Asian session, extending rebound on Friday's 3-week low at 1.4480. On Asian trading time, the Euro has appreciated from 1.4580 to a maximum level of 1.4645 (Oct 2 high) and, at the moment of writing, the pair trades at 1.4635
GBP/USD rebound on 1.5805 low on Friday, has extended during Asian session, as the Pound crawled from levels around 1.5920 to test 1.6000 area at the moment of writing, trading at 1.6005 session high.
USD/JPY rebound on 88.60 low on Friday has extended on Monday's Asian session, as the Dollar reached a 89.95 session high At the moment of writing, the pair trades at 89.90.