ASEAN Currencies Firmer as USD wavers

The Chinese yuan and other
emerging Asian currencies edged higher on Tuesday as the dollar
pulled back, with investors awaiting a news conference by U.S.
President-elect Donald Trump later this week for further clues
on policy and the direction of the greeback. 
    The South Korean won rose about 1 percent, while
the Indonesian rupiah touched its highest level in nearly
a month at one point and was last up 0.4 percent on the day. 
    The dollar retreated against a basket of six major
currencies, with the dollar index slipping 0.3 percent.
    The pullback in the dollar is probably due to position
squaring, said Stephen Innes, senior trader for FX broker OANDA
in Singapore.
    "What I'm starting to see evolve early in 2017 are little
short bursts of market momentum, followed up by quick
profit-taking," Innes said.


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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