Asian markets edge up on China's economic improvement; Dollar extends gains

FXstreet.com (Barcelona) - Asian markets have advanced on Tuesday, as data about Chinese economy shows that the country managed to avoid the worst consequences of the global slowdown thanks to the Government's multi-billion stimulus plan. Euro and Pound continue trading at lower levels.

Japanese Nikkei Index has risen 0.2% , while South Korean Kospi remained practically unchanged and Hong Kong's Hang Seng Index rose 0.4%. Australian S&P Index added 0.3% and Singapore benchmark index advanced 2% after being closed on Monday.

Asian markets have celebrated a string of darta about Chinese economy, showing that Beijing's massive bailout has helped to restore growth in Asian main economy, although industrial output and retail sales remain still at rather low levels, compared to a year ago.

Dollar rises further

EUR/USD decline from levels around 1.4355 extended on Monday, and the Euro found support at levels right above 1.4100 to consolidate during Asian session in a range below 1.4160.

GBP/USD decline from 1.7000 on Friday, resumed on Monday, as the pair lost almost 300 pips dropping from 1.6720 to 1.6430. During Asian session, the Pound has picked up slightly to consolidate around 1.6480.

USD/JPY has pulled down below the 97.00 level during Asian session to reach a session low at 96.55 to bounce to current levels, around 96.80 ahead of the European session opening.