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FXstreet.com (Barcelona) - Asian markets have been going through gains on Tuesday, with investors' optimism boosted by strong advances on Wall Street on Monday, favoured by signals of economic recovery around the globe. In FX markets, Euro and Pound have consolidated at multi-month highs.

Japanese Nikkei Index rose 1.7%, while South Korean Kospi Index advanced 0.5%, and Australian S&P/ASX Index added 0.8%. Benchmark markets in New Zealand, China and Taiwan have also gone through gains.

Equity markets have been favoured by a sharp improvement on investors' confidence, following sharp rallies in Wall Street on Monday. The Dow Jones rose 2.0% following better than expected manufacturing activity figures in the US as well as in the Eurozone, which have eased, at least temporarily, recent concerns about the strength of economic recovery.

Euro and Pound consolidate at mid-term highs

EUR/USD rallied sharply on Monday and, after having re-gained 1.3000 level on Friday, the pair soared from 1.3070 area to a fresh 3-month high at 1.3195 on US session opening, a to consolidate on Asian session, before easing to 1.3160 area ahead of the European session opening.

GBP/USD rally from 1.5120 low on Jul 21 extended almost 200 pips higher on Monday, with the pound rallying from an opening price around 1.5700 to hit 1.5905, fresh 6-month high, and consolidate afterwards, in a range between 1.5860 and 1.5900.

USD/JPY attempted to pick up from Friday's low at 85.95, and the pair advanced on European trading, reaching session high at 86.85, where the pair was capped, and pulled back to consolidate between 86.25/30 and 86.65 during Tuesday's Asian session.

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