Asian stocks headed for a 3 month high on Tuesday as investors await this week’s US housing and durable goods reports, both of which are expected to show that the country’s economic status is gradually improving. Though Japan’s Nikkei shares fell 0.1 percent during Tuesday morning’s trading, the MSCI Asia Pacific Index rose 0.3 percent to 121.07. The dollar weakened against the yen, ending a five-session upswing.
During Monday’s US session stocks closed lower, and the EUR/USD traded up 0.1 percent to 1.2355. In Europe trading volumes remained thin, though the region is slowly starting to show signs of life. The Pound closed up against the US dollar with a rise of 0.03 percent to 1.5715, while the Aussie Dollar also gained against the greenback, rising 0.33% on Monday to 1.0476. Bond yields in the peripheral European countries have edged away from their lows in recent weeks and Greece’s Prime Minister, Antonis Samaras, has just begun a tour to meet with other European leaders, a move which will likely stir the waters and bring renewed action and interest at the end of an otherwise lackluster third quarter.