Yuan strengthens as USD slides

Investors are worried that U.S. President Donald Trump will struggle to deliver promised tax cuts that propelled the market to record highs in recent months, with nervousness deepening ahead of a key healthcare vote on Thursday. The market also questioned Trump’s ability to pass tax and spending reforms further down the line, said Stephen Innes, senior trader at OANDA. The greenback has faced a confluence of negative factors recently, as dollar bulls were disappointed that the Federal Reserve did not signal a faster pace of rate hikes while the dollar also felt pressure from a resurgent euro.

 

CNBC 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
Stephen Innes

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