Asian Markets Plummet as Trump Gains Traction

We’ve seen reactions to swings back and forth from Hillary to Donald,” Stephen Innes, a senior currency trader at Oanda in Singapore, said in a phone interview, referring to the nominees, Hillary Clinton and Mr. Trump. The Japanese yen and Mexican peso in particular were weakening significantly in Asian trading, he said, whenever live election results from Florida showed gains for Mr. Trump, the Republican nominee.

However, Mr. Innes added that overall volumes were light, suggesting that many investors were taking a wait-and-see approach until results became clearer.

Traders “aren’t taking on an ultimate amount of risk at the moment and are waiting for the dust to actually settle,” he said. “The lack of liquidity is amplifying these moves.”

The New York Times

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

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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