APAC Market Jump on FBI Bombshell

And once again the reason for the drop is strength in the greenback, which is rising against most major currencies (except the Mexican peso, which is soaring as Trump’s chances of an upset at this week’s election falls).

Not only is a Clinton victory preferred by many investors, as it’s less of an unknown to a Trump presidency, it would also boost the chances of a December rate hike by the Fed – which in turn supports the US dollar. 

“The Aussie dollar remains supported but it is getting formidable resistance above the US77¢ level. It’s more likely the Aussie will remain relatively contained but susceptible to any pre-election jitters,” said OANDA senior currency Stephen Innes.

 

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This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes