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

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and specialises in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is based in Singapore as the Head of Trading Asia Pacific with OANDA.Stephen's market views focus on the movement of G-10 and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Before joining OANDA, he worked with organisations like 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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