APAC Bourses follow the Dow Lead

However, the dollar turned lower against most of its peers as investors mull comments from Trump and his nominee for Treasury Secretary Steve Mnuchin that the unit is too strong and could hurt the US economy.

“We may have underestimated… investor sentiment towards Mnuchin and Trump’s comments on the dollar,” said Stephen Innes, senior trader at OANDA, in a note.

“Of course, this does not mean it’s open season to sell dollars; it is certainly weighing on sentiment as there is little dollar appeal in the markets.”

The US unit’s general weakness also saw it tumble more than two percent against the Mexican peso despite news Trump had ordered work to begin on planning and building a wall along the US-Mexico border.

The dollar bought a little more than 21 pesos Thursday, well down from the record levels above 22 pesos touched earlier this month.

AFP

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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