Mon, 19 Aug 2019

Markets in Asia rise, Australian dollar drops

By Jay Jackson, New Jersey State News
21 Feb 2019, 19:03 GMT+10

SYDNEY, Australia - Stocks in Asia rose across the board on Thursday with news oiut of Washington that U.S. and Chinese trade negotiators are making progress, and are down to sorting our the tins and tacks of a trade deal that could be accepotable to both countries.

The Australian dollar was the big mover on foreign exchange markets dropping nearly 1%, and taking the New Zealand dollar with it.

At the close of trading Thursday Australian stocks were making hay. The benchmark All Ordinaroies index closed 38.80 points or 0.63% higher ay 6,214.60.

In Tokyo, the Nikkei 225 gained 32.74 points or 0.15% to 21,464.23.

China's Shanghai Composite added 30.73 points or 1.13% to 2,751.80.

In Hong Kong the Hang Seng closed 115.86 points or 0.41% higher at 28,629.92.

Australian coal exports arriving into China meantime are taking longer to clear customs, sometimes up to 40 days. The delays are believed to be politically motivated. Nonetheless foreign exchange traders didn't take the news well. They pushed the Australian down down more than 1% to below the crucial 0.7100 level. The unit did recover some of its losses to be trading at 0.7115 around the Sydney close. The sell-off in the Aussie stretched across the Tasman where the New Zealand dollar fell in sympathy. It was last trading at around 0.6826.

The euro firmed a touch to 1.1360, while the British pound inched up to 1.3074.

The Japanese yen lost a few basis points to 110.74. A big gainer on Thursday was the Chinese yuan which firmed to 6.7076.

The Swiss franc was stronger at 1.0005, while the Canadian dollar rose a small amount to 1.3184.

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