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Euro Soars, Asian Stock Market Mixed Over Inventories Data

HONG KONG, H.K. – The Euro continued to soar on Monday during the Asian session, while the Asian stock market was mostly mixed after the release of inventories data.

Following the upward trend for the Euro last week, it continued to trade positively as the week opened in the Asian market. It gained against the US dollar to a high of 1.1210 points from a low of 1.1065 points.

Today, the market’s focus will largely shift towards the key data Europe is scheduled to publish, including the November retail sales data in Germany. Based on previous forecasts, the retail numbers will increase by as much as 0.9%, which is significantly larger than the recorded growth for October. The market also awaits on Spain’s preliminary CPI release.

Meanwhile, Asian shares were mixed on Monday, with the Shanghai Composite rising by 30 points, and the Hang Seng index in Hong Kong recorded a 210-point gain. On the other hand, the Nikkei index in Japan declined by 158 points, while the ASX index in Australia was down by 40 points.

The American stock futures, on the other hand, continued to trade positively today, with the Nasdaq and Dow Jones rising by 25 and 45 points, respectively.

Further, the market awaits in the scheduled release if the pending home sales numbers from the US today, which is expected to show a 1.1% increase after the recorded 1.7% drop in October.

In the currency pairs front, the XBR/USD pair traded positively in the Asian session, marking a high of 66.98 points. Currently, it is trading over both the 14-day and the 28-day moving averages. Market sentiment for the pair is also optimistic as it attempts a resistance level test at 70 points.

The EUR/USD pair has also strengthened on Monday, continuing with its upward trend. After setting up a double bottom at around 1.1065 points, the currency pair climbed to a high of 1.1210 points. The pair is also expected to continue its gains moving forward.

On the other hand, the USD/JPY pair marked losses during the Asian session, reaching a 109.06 low for today. After going under the major support at 109.17, the currency pair is expected to continue its downward momentum as it goes toward testing the 109.00 level.

During the Asian session on Monday, the price of crude oil has increased following the market’s reaction on the inventories data, which was released last Friday. Based on the data, the inventories of crude oil have declined by around 5.47 million barrels, which is significantly bigger than the previous 1.72 million decline.

Euro Soars, Asian Stock Market Mixed Over Inventories Data