FXstreet.com (Barcelona) - After Thursday's employment readings at
US, and with a bank holiday in the front, Asian stocks have
retreated on Friday. A slow data on Japanese retailers has also
fueled the loses. Japan's Nikkei 225 has fallen 1.0%, while
Australia's S&P/ASX 200 gone down 1.4% and South Korea's Kospi
Composite off just 0.2%. For the week, the Nikkei and Topix are set
to lose 1.1%. Chris Weston, institutional trader at IG Markets,
thinks that "there was no real inclination by investors to take big
positions. People are now waiting for the US earnings period, which
kicks off with Alcoa on Wednesday."The dollar edged up as investors
favored it as a safe haven against other much riskier currencies.
Analysts at Mataf.net said that "EUR USD is in a consolidation
after the last bearish movement. The volatility is high."The pound
was poised for its first weekly loss in a month against the dollar
on speculation that UK services PMI data will show that the worst
of recession is not over yet.Euro was near a one-week low versus
the dollar and now will find a main support at 1.3950 where
correction is possible. "Break would give 1.3938, where correction
also may be. Then follows 1.3910. Break of the latter would result
in 1.3897. If a strong impulse, we would see 1.3860. Continuation
will give 1.3843," says Nikolajs Serikovs, analyst at
FXtechtrade.For more information, read our latest forex news.
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