Asian market took a step back from all time highs

Stocks in Asia fell from their all time highs on Friday. Despite the decline, the market is still on track for robust gains by the end of the week. MSCI’s largest index of Asia Pacific shares out of Japan .MIAPJ0000PUS dropped 0.3 percent closing at 607.77 following its record high of 610 on Wednesday. It was negatively affected by an overnight stall of Wall Street’s shares. The Asia-Pacific index, however, is still on track for an approximately 1.4 percent increase for the week and is pushing onwards for its seventh consecutive week of gains. Australian stocks fell 0.1 percent, while in Japan, the Nikkei .N225 soared 0.5 percent, underpinned by the greenback’s bounce versus the yen.

Trump’s statement boosted the greenback

The greenback rebounded some of its losses thanks to United States President Donald Trump’s comments stating that he wanted a robust U.S. currency. On Thursday, president Trump commented that he eventually wanted to see the dollar gain strength, the total opposite of what Treasury Secretary Mnuchin said a day earlier.

The greenback index versus to a collection of other major currencies was at 89.404 .DXY. On Thursday, the index dropped to a three year low of 88.438 following Mnuchin’s statement, welcoming a battered dollar, which markets took primarily as Washington’s move to pull back from the robust dollar policy.

The euro dropped 0.1 percent at $1.2389 EUR=, edging down from $1.2538, the highest since the month of December of 2014. The British sterling was stable at $1.4140 GBP=D3 after its climb to a one and a half year peak of $1.4346.

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