FX : Asian markets drop on concerns about economy; Dollar and Yen rise
FXstreet.com (Barcelona) - Asian markets have declined sharply on Monday on concerns about economic recovery after Friday's decline in U.S. Consumer Confidence. Dollar and Yen have strengthened across the board.
Japanese Nikkei Index 2.6%, while Hong Kong's Hang Seng Index went 2.8% down , and South Korean Kospi Index dropped 1.6%. Markets in Singapore, Taiwan and Australia posted losses by about 1%.
Investors confidence has deteriorated ion concerns about the strength of recent economic recovery, specially after U.S. consumer's confidence declined unexpectedly in August, which, together with retail sales, have shown that economic growth will remain weak despite having got over the worst part of the recession.
