FXstreet.com (Barcelona) - Asian stock markets have posted moderate gains in the week opening on rumours that U.S. Government will increase its stake on Citigroup, which increased confidence on Governmental commitment to avoid banks failure, the Dollar has dropped across the board.
MSCII Asia Pacific Index has increased 0.6% on Monday reversing earlier losses, with most key Asian markets rising, South Korean Kospi Index rose 2%. Tokyo Nikkei Index has fallen 0.9%.
USD falls across the board
The Dollar has dropped against the Euro; The European currency has risen from around 1.2800 at the opening of Asian session to levels right below resistance area at the 1.2930/50.
Same accounts for the British Pound, which has jumped about 150 pips in Asian Session, from levels around 1.4380 to 1.4450 at the moment of writing.
The USD/JPY has broken the upward trend channel it has been trading since Feb 12, reaching as high as 94.14 on Friday, to reverse somewhat at the end of the week. On Monday, the USD has resumed downtrend until finding support at 92.75 to pick up slightly. The pair trades around 93.00 shortly before the European session opening.