FXstreet.com (Barcelona) - Asian markets are going through moderate increases in most cases, with investors acting with caution on concerns that unemployment could jeopardize U.S. economic recovery. Euro and Pound consolidate after Wednesday's pick up, and the Yen continues appreciating.
China's Shangai Composite Index has risen 3.2%, while Hong Kong's hang Seng Index rose 1.0% and Taiwan Index added 0.8%. On the negative side, Japanese Nikkei Index shed 0.4%, and benchmark markets in Korea and Australia went also lower.
Investors are acting with caution after a report showing that U.S. unemployment increased more than expected in August, adding concerns over a rising unemployment dampening private consumption to weigh on U.S. economic recovery; consumer spending accounts for about two thirds of U.S. GDP.
Euro and Pound consolidate at higher levels
EUR/USD picked up on Wednesday's U.S. session and, from 1.4190 day low, the Euro reached 1.4295 high ahead of the Asian session opening to consolidate afterwards at levels between 1.4260 and 1.4280; approximately in the middle of the range seen during last week and a half.
GBP/USD bounced on Wednesday's U.S. session at intra-week low 1.6115, to reach 1.6300 high ahead of Asian session opening and consolidate afterwards in a range from 1.6250 to 1.6300, a level which is being tested at the moment of writing.
USD/JPY continues heading south, the Dollar has dipped to a fresh 6-week low at 91.95 during Asian session, to pick up later, reaching levels around 92.45 at the moment of writing. On a longer perspective, the pair continues drawing an steady downward pattern after having hit 97.78 high on Aug 7.