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FX Update: Asian Summary

Posted:18/11/2008 6:59 by Peter Burnside
The USD surged against most currencies in late NY on the back of renewed risk aversion after the 223 pt slump in the DJIA. This set the tone for Asian trading with the USD extending gains in early Asia, and then consolidating through the remainder of the session. EUR/USD for instance, fell to lows of 1.2600 and subsequently traded 1.2600-1.2635 through the afternoon. AUD followed a similar path, falling to lows of 0.6432 then consolidating around 0.6450-70 the remainder of the session. Broad-based declines in Asian stock markets kept support for the USD intact. USD/JPY dropped to 96.22 much earlier in the session and rallied back to 96.79 highs when the Nikkei pared losses midday but gains stalled USD/JPY at 96.60-70 into the afternoon. Asian stocks were pressured in all sectors on global slowdown fears with Australian stocks closing at a four year low. Tech stocks, financials, resource and real estate were all sectors that came under pressure. Overall, trading was said to be very quiet and subdued. click here to return to the top of the page
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