FXstreet.com (Barcelona) - The wave of optimism of past two days seems to have faded and most Asian markets are going through losses on Thursday as concerns over the economic recession deepen amid deteriorating economic conditions, The Dollar has appreciated against the Euro and against the Yen dropped to a 2-week low.
Markets have turned down on the light of the grim economic outlook of the area's economies, Chinese exports and Japanese industrial spending have continued declining sharply. Automakers and financials have been beaten the most on Thursday's trading.
Tokyo's Nikkei index has dropped 1.6%, while South Korean Kospi Index dropped 1.4%. Hong Kong's hang Seng Index went 0.4% up, Australia and Singapore markets traded also lower.
USD/JPY posts a new 2-week high
The Dollar has posted another downward correction against the Yen, after rejection at the 99.15 resistance level, the Dollar has reacted downwards aggressively giving away almost 300 pips from a session high around 98.90 to a fresh 2-weeks low at 95.95. At the moment, the Yen is attempting a recovery, climbing towards previous two-week low at 96.54.
The Euro went up to 1.2875 on early Asian session, posting a new 2-week high, to find resistance and drop 100 pips lower on late Asian session, advancing towards support level at 1.2755.
The Pound has risen to a session high at 1.3920 to return towards support level at 1.3800.