Wed, 15 Jul 2020

Greenback weaksn in Asia, stocks make strong gains

Lola Evans
26 May 2020, 19:42 GMT+10

SYDNEY, NSW, Australia - Stocks in Asia charged ahead on Tuesday, adding to gains made on Monday.

"Investors are trying to be optimistic here and think that everything is going to be OK," Christopher Peel, the chief investment officer of Tavistock Wealth told Reuters Thomson Tuesday. "You can't fight it, I'm not trying to fight it. But it is totally disconnected from economic reality."

The big mover on Tuesday however was the U.S. dollar which fell sharply.

The Nikkei 225 in Japan surged 529.52 points or 2.55% to 21,271.17.

In Hong Kong, the Hang Seng rallied 432.42 points or 1.88% to 23,384.66.

The Australian All Ordinaries gained 160.00 points or 2.79% to 5,889.90.

China's Shanghai Composite added 28.58 points or 1.01% to 2,846.55.

The euro and British pound both soared. The euro jumped to 1.0965 by the Sydney close on Tuesday. The British pound rose to 1.2311. The Swiss franc was shar ply higher at 0.9678.

The Japanese yen was only a fraction stronger at 107.70.

The Canadian dollar appreciated to 1.3887. The Australian dollar gained strongly to 0.6618. One of the shjarpest movers was the New Zealand dollar which rose to 0.6178.

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