Chinese tech sector going down

On Thursday Yen rose against its rivals. What is more important is the fact that Yen broke important technical support levels. The increased global growth uncertainties drove most traders into safe haven-assets in moves that gained momentum by weak holiday volumes.

The revenue warning from Apple was an isolated event and very rare but added to concerns about weakening global growth. On Thursday, Market members retreated to the safety of the safe-haven Japanese yen, which increased about 1.5% versus the greenback getting to 107.26. In early Asian trade, the dollar fell to a day low of about 104.90 yen. The Australian dollar usually is viewed as a measure of global risk appetite. In early Asian session it dropped to its lowest level in almost a decade to $0.6774.

Today Gold climbed to a half a year top while fears about global economic retardation increased safe-haven appetite. What supports the move to a safer asset is also the softer greenback.

U.S. gold futures gain about .5% at $1,290.19 per ounce while Spot gold reached the $1,290.09.Peter Fung, head of dealing at Wing Fung said "The weaker dollar lent some support for gold. People are more interested in gold as the stock markets are under pressure and are looking at gold as a safe haven."