FXstreet.com (Barcelona) - Fears of a deep an protracted recession have taken over the markets worldwide, as investors doubt about the capacity of governments to revive world economies; Asian stock markets have posted losses for the third consecutive day on Wednesday.
Japanese Nikkei Index has lost 1.2% of its value on Wednesday session, Hong Kong's Hang Seng Index dropped 1.6% and South Korean Kospi Index dropped 1.3%, following losses above 3% in Wall Street on Tuesday.
Major currencies sideways during Asian session
Major currency crosses have been moving in narrow ranges during Asian session, except the USDCHF, The Dollar has reversed in Asian time, most of the ground gained on Tuesday, losing about130 pips from 1.1775 to 1.1660 so far, the Dollar looks bearish in the hourly chart, and, if the current level gives, we could see retracement towards next intra-day support around 1.1600.
EUR/USD has been moving in a range from 1.2560 to 1.22630, in a consolidation movement after yesterdays 200 pips sell -off, and EUR/JPY moved between 115.75 to 11650.
GBP/USD moved between 1.4200 to 1.4270 and the USD/JPY has moved between 92.15 and 92.70.