Published: Wed, 20 May 2009 08:03:00 +0200

Asian markets rise; Euro and Pound consolidate

FXstreet.com (Barcelona) - Asian markets have risen on Wednesday despite Japanese GDP decline, as Goldman & Sachs upgraded its recommendations for trading houses and shipping lines. Euro and Pound are going through consolidation after two-days rally.

Japanese Nikkei Index has added 0.5% despite the 15.2% year-on-year decline in Japanese GDP. The MSCI Asia Pacific Index rose another half percentage point.

Mitsubishi Corp, a trading house with half of its activity dedicated to commodities has s¡urged 5.5% in Tokyo, while China Shipping Container Lines Co. gaining 5.6% om Goldman & Sachs recommendation.

Euro and Pound consolidate at high levels

EUR/USD has remained trading in a range from 1.3600 to 1.3650, consolidating at high le3vels after a two-day rally from 1.3425 intra-week low on Monday

GBP/USD rose on Monday to 1.5523, fresh 5-month high, and the highest price in the year so far, from Monday's low atrt 1.5115. The Pound has remained moving, during Wednesday's Asian session, from 1.5445 to 1.5500.

USD/JPY has dropped from yesterday's high at 96.70 to levels around 95.50 ahead of the European opening.

By Fxstreet.com

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