Aussie soars

[Reuters SYDNEY] The Australian and New Zealand dollars touched 2-1/2 month highs on Tuesday as the greenback wallowed on concerns about the impact of US President Donald Trump’s protectionist trade stance.

Mr Trump formally withdrew the United States from the Trans-Pacific Partnership trade deal on Monday, distancing America from its Asian allies even as China’s influence in the region rises.

The Australian dollar rose as far as US$0.7609, a level last seen on Nov 11. The New Zealand dollar climbed to peak of US$0.7265, from as low as US$0.7165 on Monday.

“The US dollar market remains very nervous, not only driven by Mr Trump’s uncertainties, but very unsure of what additional daunting headlines may lie ahead,” said Stephen Innes, senior currency trader at FX and CFD provider OANDA Australia and Asia Pacific.

 

The Business Times via Reuters

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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