Cable Slides in Early Europe

“There is no particular headline, but I’m seeing early sellers out of Europe,” said Stephen Innes, a senior currencies trader at Oanda Corp. in Singapore. “I suspect more a case of pre-Article 50 jitters and to a lesser degree the Scottish referendum noise. Risk  in general, is holding up, so I suspect the combination of Fed policy and political uncertainty are the main culprits.”
The selloff comes a day after Scottish First Minister Nicola Sturgeon signalled the start of a legal process for an independence referendum, while the U.K. parliament gave May permission to start Brexit talks. The dollar traded in a tight range against most other major peers with turnover below average as traders held on to positions ahead of the Federal Open Market Committee two-day policy meeting starting today.
Australia’s dollar fell after February business confidence declined though losses were stemmed by a mixed set of Chinese economic data.


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