FXstreet.com (Barcelona) - Asian stock markets have posted gains on Wednesday as comments from Bernanke affirming that U.S. Government will not nationalize Banks and that recession will end this year, have poured some optimism on investors.
U.S. Markets bounced back on Tuesday from 12 years lows as bank shares soared on Bernanke's speech, after concerns over banks nationalization vanished. Dow Jones rose 3.3% and the S&P index grew 4%.
Asian markets have followed and Tokyo's Nikkei Index has risen 1.3%, despite news of Japan having a record high trade deficit in January as exports fell almost 50%. Hong Kong's Hang Seng Index has risen 0.8%, and South Korean Kospi Index was up 0.2%.
USD/JPY continues climbing. Euro and Pound , sideways
USD/JPY has continued rallying during Asian trading time, the Dollar has appreciated from a minimum of 96.36 to a maximum level of 97.35. The Dollar is overbought in the hourly chart and some correction lower has already taken place. The pair eased towards the 96.80/97.00 area.
The EUR/USD has entered into a consolidation period after having risen above 1.2800, the pair has been trading between 1,2800 and 1.2870. The GBP/USD moved slightly upwards, from a minimum of 1.4470 to a maximum of 1.4590, to set back at levels around 1.4550.