Asian stocks

The greenback depreciated against its major counterparts in Asia as a growth of some Asian stocks made demand for safe haven dollar decrease.

The US dollar weakened against the currencies of Europe and U.K. in early Asian deals on Wednesday. At present, the dollar is worth 1.3540 against the euro and 1.6167 against the pound, compared to yesterday's close of 1.3489 and 1.6129, respectively. The next downside target level for the dollar is seen at 1.375 against the euro and 1.628 against the pound.

As China announced interest rate increase speculations arose that it would help curb inflation which led most Asian stocks to rise.

The European common currency raised slightly from a record low against the Swiss franc and a 3-week low against the yen and the dollar as most Asian stocks rose amid hopes of a sustained U.S. economic recovery.

The euro tumbled yesterday after two major credit rating firms said they have decided to downgrade the credit ratings of Greece and Portugal, respectively.

Ratings agency Moody's said Portugal's ratings could be lowered by a "notch or two" if the country's debt affordability deteriorates or the economic outlook worsens due to austerity measures.

During early Asian deals the Japanese yen that rallied across the board moved slightly off shortly as most Asian stocks recouped some of their initial steep losses.

The yen thus ticked lower from a new multi-month high against the pound and multi-week highs against the rest of majors, barring the US dollar.

The Japanese yen that advanced to nearly a 1-month high of 111.58 around 8:00 pm ET reversed direction shortly. The euro-yen pair is presently worth near Tuesday's New York session closing value of 112.02.

Asian stocks fell, led by banks and Japanese automakers, amid capital-raising concerns and as the dollar slumped to a 14-year low against the yen.
Bank of China Ltd. which was looking for options for replenishing capital, dropped 2.9 percent in Hong Kong. Asahi Glass Co. slumped 7.9 percent on plans to sell convertible bonds. investment group PT Bakrie & Brothers, which said two days ago it will sell bonds, slid 8 percent in Jakarta. Honda Motor Co. fall down 1.1 percent on concern the stronger yen will hurt the value of U.S. revenue.

Asian stocks fell, led by banks and Japanese automakers, amid capital-raising concerns and as the dollar slumped to a 14-year low against the yen.
Bank of China Ltd. which was looking for options for replenishing capital, dropped 2.9 percent in Hong Kong. Asahi Glass Co. slumped 7.9 percent on plans to sell convertible bonds. investment group PT Bakrie & Brothers, which said two days ago it will sell bonds, slid 8 percent in Jakarta. Honda Motor Co. fall down 1.1 percent on concern the stronger yen will hurt the value of U.S. revenue.