Tue, 22 Sep 2020

Greenback in demand in Asia, equities close mixed

Lola Evans
03 Aug 2020, 17:44 GMT+10

SYDNEY, NSW, Australia - Stocks in Asia were mixed on Monday as the U.S. dollar attempted a comeback, after weeks of relentless downward pressure.

At the close on Monday, the Nikkei 225 in Japan was well ahead. The key index gained 485.38 points or 2.24% to 22,175.38.

Australian stocks were weaker as a state of emergency was declared in the country's second-most populous state, Victoria. The city of Melbourne, Australia's second largest has gone into an extended, and expanded, lockdown with all retailers not involved in food ordered to close. 429 coronavirus cases and thirteen deaths were recorded overnight.

The Australian All Ordinaries index fell 4.40 points or 0.07% to 6,053.90.

In China, the Shanghai Composite jumped 57.96 points or 1.75% to 3,367.97.

Hong Kong's Hang Seng closed 137.22 points or 0.56% lower at 24,458.13.

On foreign exchange markets all the interest was in the U.S. dollar. Short positions were being covered, and those in the money were taking profits off the table. The euro fell sharply to 1.1753 by the Sydney close Monday, well down from it's Friday high of 1.1908.

The British pound dropped to 1.3060. The Japanese yen slumped to 105.94, a long way from it's Friday high of 104.17.

The Swiss franc eased to 0.9173.

The Canadian dollar softened to 1.3424. The Australian dollar fell more than three-quarters-of-a-cent to 0.7120. The New Zealand dollar did likewise, to fall to 0.6624.

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