Market outlook: Asian Shares Upbeat, Positive Chinese Data

Asian shares moved up with the positive sentiment from dovish comments by the U.S. Federal Reserve chief Janet Yellen on 7th May . This was followed by the positive Chinese trade data showing some signs of stabilization.

Tokyo's Nikkei share average moved up by 1.1 %. The MSCI's broadest index of Asia-Pacific shares excluding Japan moved up by 0.5 %. Chinese exports surged up by 0.9 % in April compared to the year earlier. While the economists' estimates of exports were around a 1.7 % decline, the positive data have been higher than the expectations. In addition to that the imports also exceeded economists' expectations.

While in the U.S., the Dow Jones industrial average made an upswing of 0.7 %. While the S&P 500 advanced by 0.6 % Loosing its shine, Gold consolidated at $1,290.30 per ounce after being pressured down to 1.4 % on May 7.

Forex News: Yen Stronger Against The Dollar

The yen hit the highest in a week versus the dollar following the Ukraine tensions that is bringing the safety sentiment among the investors. On 24th April, U.S. Secretary of State John Kerry gave a warning for Russia to follow the consensus that is intended to de-escalating the Ukraine crisis. Nagayuki Yamagishi, a senior analyst in Tokyo at Money Square Japan Inc, foreign-exchange broker. said in a statement that the yen is viewed as a safe destination upon the escalating Ukraine situation.

Against the dollar, the yen traded at 102.40 at the time of 12:14 p.m. in Tokyo. It moved up by 0.2 %, the strongest since April 17. Against the euro, the yen traded at 141.66, moving down from 0.2 % weekly. The euro was at 1.3835 against the euro from the level of 1.3831, making a 0.2 % decrease.