FXstreet.com (Barcelona) - Asian markets have drifted lower on mid-trade Wednesday, after a mixed opening on broadbased losses among Japanese exporters and Chinese telecoms. In Forex markets, Euro and Pound are holding well at higher levels after Tuesday's rallies.
Japanese Nikkei Index is going through losses by 1.2%, while Hong Kong's Hang Seng Index declines 1.1%. South Korean Kospi Index drops 0.9%.
Shares of Alibaba.com China's biggest electronic commerce website have declined 5.1% in Hong Kong as Chairman Jack Ma sold stock for $35 million, while Chinese largest computer manufacturer, Lenovo Goup dropped 4.9% as investors offered to sell company's shares. Furthermore, Mitsubishi UFJ Financial Group dropped 2.8% as JP Morgan and Chase downgraded the company.
Euro and Pound hold at higher levels
EUR/USD bounce on Friday's low at 1.4190 extended on Tuesday, as the Euro rallied from levels around 1.4330 to hit a fresh 2009 high at 1.4535 during U.S. session. The Euro has remained above 1.4475 during Asian session and, at the moment of writing the pair trades above 1.4500.
GBP/USD rose on Tuesday from 1.6320 to hit a fresh 2-week high at 1.6585 on U.S session, fuelled by rising stock markets and gold prices above $1,000 an ounce. During Asian session, the Pound dropped to 1.6485, and, at the moment of writing returns to levels above 1.6550.
USD/JPY retreat from 93.30 hgh on Monday extended yesterday to test 92.00, level, giving away all the ground taken since Sept 3 low. During Asian session, the Dollar has picked up, reaching levels around 92.40 at the time of writing.