FXstreet.com (Barcelona) - Stock markets in Asia are posting gains on Wednesday on the back of a Wall Street rally and positive news from Citibank. The Dollar strengthened against Pound and Euro, Against the Yen, the Dollar remains in range.
Equity markets in Asia have risen considerably on Wednesday as shares from banks and financial companies soared on better than expected results for Citigroup. Tokyo Nikkei Index has risen more than 4%, with Hong Kong's Hang Seng Index 2.8% up by midday.
Euro and Pound drop lower
The Euro rallied at the beginning of the Asian session, but failed to break resistance at 1.2727, and the downward reaction has driven the pair to test next support level at 1.2655.
The Pound, after a tepid upward reaction from 1.3685, could rise to a maximum of 1.3800,, although it failed to hold that level and has dropped during Asian session back to support level at 1.3685, level which is being tested at the moment.
The USD/JPY continues trading in a narrow range, during Wednesday's Asian session, the Dollar has been moving from a high at 98.85 to a low of 98.30.