FXstreet.com (Barcelona) - Asian stock markets have followed Wall Street and key indexes have declined on Tuesday, approaching lows of last October as investors discard any economic turnaround for the current year. Euro and Pound pick up slightly and Yen continues devaluation.
Asian markets have followed Wall Street's downward path on Tuesday, and Tokyo Nikkei Index has dropped 2.6% to levels slightly above the 26 year low hit last October. South Korean Kospi index fell 3.7% and Hong Kong's hang Seng Index went 3.5% down.
Euro and Pound consolidate; USD/JPY at 11-week high
The EUR/USD seems to have bottomed its decline from 1.3000 at 1.2662 and it has recovered about 80 pips on Asian session hitting 1.2742, the pair is in a bearish configuration and., after a period of consolidation could head for lower levels.
GBP/USD has also bounced up in Asian session after a decline from 1.4665. Support level at 1.445 has held,m and the pair has taken back some of the ground lost on Monday, reaching a session high at 1.4578, to drop somewhat afterwards.
USD/JPY continues trading in an upward trending line. The pair has successfully broken resistance at 94.64 (Jan 9 high) as the Yen seems to have lost attraction as safe haven in favour of the Dollar. The pair has risen to a mÃ¡ximunm of 95.35.