FXstreet.com (Barcelona) - Asian markets are going through gains on Thursday, as higher commodity prices helped Wall Street to turn positive on Wednesday after an erratic opening. Euro and Pound consolidate at higher levels.
Japanese Nikkei Index advanced 1.5% and Hong Kong's Hang Seng Idex rose 1.9%, while South Korean Kospi Index added 1.4%. Chinese Shangai Composite Index rose 2.4% after a sharp decline on Wednesday.
U.S. markets bounced up on Wednesday on the back of an unexpected decline in oil stocks, which triggered a 4% increase in crude prices, which has translated into robust gains for commodity producers in Asia, with stocks of Japanese energy producers jumping about 2.7%.
Euro and Pound return to week highs
EUR/USD jumped on Wednesday's U.S. session, from levels around 1.4085 to hit intra-week high at 1.4265, and the pair has remained consolidating, during Asian session at levels above 1.4200.
GBP/USD declined on Wednesday from levels right below 1.6600 to 1.6370 low during European session, to bounce up, buoyed by higher oil prices, to 1.6570 high, to consolidate during Asian session at levels above 1.7500.
USD/JPY has appreciated on risk appetite, and, after having declined to a fresh 3-week low at 93.65, the Dollar has bounced back and advances at levels around 94.50 ahead of the European session opening.