Asian stocks sold off, greenback treads water


thejapannews– Stocks were weaker across the board in Asia on Monday.

The Australian All Ordinaries declined 19.40 points or 0.26 percent to 7,404.60.

In Japan, the Nikkei 225 shed 289.33 points or 0.99 percent to 28,860.08.

The only market to show some resistance was China’s Shanghai Composite which managed a 14.69 points or 0.41 percent gain to 3,615.48.

The U.S. dollar was little changed from Friday’s close.

“The U.S. economy will face a period of high fiscal deficits and rising debt levels for the foreseeable future, ensuring that ‘twin deficit’ risk for the USD will remain a feature of the market landscape for years to come,” Ray Attrill, head of FX strategy at NAB told Reuters Thomson Monday.

Around the close in Sydney on Monday the euro was changing hands at 1.2190. The British pound was quoted at 1.4181. The Japanese yen was fetching 109.76, while the Swiss franc traded at 0.8994.

The Canadian dollar inched down to 1.2076. The Australian dollar was unchanged at 0.7728, while the New Zealand dollar firmed to 0.7254.