(RTTNews) - Thursday in Asia, the U.S. dollar and the Japanese yen plummeted against their major counterparts as a gain in stocks on improving corporate earnings reduced demand for safe-haven currencies. The dollar and the yen are viewed as safe-haven currencies and tend to attract buying when worries about the global economy and financial markets flare up, but can come under pressure when such concerns recede. Encouraging earnings report from U.S. companies, including Intel Corp (INTC) and JP Morgan Chase & Co (JPM) pushed the Dow Jones Industrial Average up 1.5 percent yesterday to close above 10,000 points for the first time in a year. Financial services giant JPMorgan reported a sharp increase in third-quarter profit, helped mainly by strong results in its Investment Bank and Retail Banking businesses, which offset losses in Card Services and Consumer Lending segments. JPMorgan posted third- quarter earnings of $3.59 billion or $0.82 per share, compared with analysts' estimates of $0.52 per share. Traders reacted positively to retail sales data from the U.S. Commerce Department, with the headline sales figure falling by less than expected despite the end of the government's cash for clunkers program. Excluding auto sales, retail sales actually rose more than expected. Following a positive close on Wall Street overnight and on optimism the global economy is making a swift turnaround, the Asian stock markets jumped today. Japan's Nikkei 225 was up 1.7%, Korea's Kospi Composite rose 0.3%, Hong Kong's Hang Seng Index gained 1%, China's Shanghai Composite Index had added 0.7%, Australia's S&P/ASX 200 was up 0.71% and New Zealand's NZX-50 climbed 0.2%. Expectations of healthy global growth helped oil rise for the sixth straight session today. Oil climbed to near $76 a barrel in Asian deals, touching its highest in a year after a U.S. industry data showed a surprise fall in crude stockpiles, suggesting that demand in the world's top oil consumer is recovering. U.S. crude for November delivery rose 62 cents to $75.80 a barrel in Asian deals. London Brent crude was unchanged at $73.10. The strength of crude oil prices has been adding to gold's rise, given the precious metal's traditional role as a hedge against inflation. Gold held above $1,060 an ounce, just below Wednesday's record high of above $1,070. The dollar, which closed yesterday's trading at 1.4930 against the euro, fell to 1.4962 during Asian deals on Thursday. This set the lowest point for the dollar since August 15, 2008. On the downside, 1.50 is seen as the next target level for the U.S. currency.

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