Asian markets dip after a positive opening, Greece woes looming

FXstreet.com (Barcelona) - Asian markets opened Friday's session on strong note, although gains have been short lived as lingering concerns about the delicate situation in Greece have ended up damaging the appetite for risk and pushing the main indexes into red.

Japanese Nikkei Index dips 0.6%, while the the Australian ASX Index fell 0.3%, the South Korean Kospi Index has lost 1.8% and Hong Kong Hang Seng Index shed 0.3%. In China, the Shangai Composite Index advanced 0.4%.

Asian markets have given away initial gains, on increasing fears about the growing possibility of default in Greece, which has boosted concerns about the consequences to other debt troubled members, namely Ireland and Portugal, an, more importantly Spain, whose debt spread with Germany has surged over the last days, or even Italy.

Euro suffers on Greece woes

EUR/USD retreat from week highs at 1.4500 on Tuesday found support yesterday at 1.4075, fresh 3-week low, and the pair attempted to bounce up over the US session, to be capped at 1.4220 on early Asian session, and pullback to day lows around 1.4130.

GBP/USD retreat from Tuesday's high at 1.6440 found support yesterday at 1.6080, -less than 10 pips shy of May low- and the pair bounced up ahead of Asian opening to be halted at 1.6170, and pull back through the session, to 1.6100.

USD/JPY recovery from last week lows at 79.70 was capped on Wednesday at 81.05, and the pair eased yesterday, to find support at 80.50, to consolidate between the mentioned 80.50 and 80.65 during Friday's Asian session.