Tue, 14 Jul 2020

SYDNEY, Australia - Stocks in Asia rallied sharply on Monday, as the U.S. dollar crumbled.

The big winner on equity markets was Hong Kong, where the Hang Seng gained more than 700 points.

The euro tore above 1.1100 but the big gainer on forex markets was the Australian dollar which pushed gains, since a low around 0.55 cents in March, to more than 20%.

"We're pretty optimistic about the Aussie this week," Commonwealth Bank of Australia FX analyst Joe Capurso told Reuters Thomson on Monday.

"Market participants believe that the worst of the health and financial and economic crises are now behind us ... and if we're past the worst of it, then commodity currencies tend to do well and the U.S. dollar tends to do poorly," he said.

At the close of trading Monday the Nikkei 225 in Japan was ahead 184.50 points or 0.84% at 22,062.39.

In Hong Kong, the Hang Seng soared 771.05 points or 3.36% to 23,732.52.

China's Shanghai Composite rose 63.08 points or 2.21% to 2,915.43.

The Australian All Ordinaries advanced 66.20 points or 1.13% to 5,938.40.

The euro rose to 1.1129 by the Sydney close on Monday. The British pound firmed to 1.2400. The Japanese yen was marginally stronger at 107.43. The Swiss franc appreciated to 0.9593.

The Canadian dollar was sharply higher at 1.3711. The Australian dollar had a remarkable day topping out at around 0.6740. The New Zealand dollar too was significantly stronger at 0.6237.

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