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. REUTERS
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.