Asia Market Take Profits ahead of US data

HONG KONG (AFP) – 

Asian investors on Friday wound down after a strong week, with profit-taking weighing on most markets and attention turning to the release of US growth data later in the day.

Regional equities have seen a boon this week after France’s moderate Emmanuel Macron won the country’s presidential first round and looked set to beat his far-right rival in the run-off, while Donald Trump unveiled his long-awaited tax cut plans.

Upbeat earnings in the US have provided support, as did the Bank of Japan and European Central Bank reasserting their commitment to a loose monetary policy and Trump’s decision not to scrap the NAFTA trade pact with Canada and Mexico.

However, there are concerns that Washington lawmakers have yet to pass a bill before Saturday that will prevent a costly shutdown of the US government, with Democrats and Republicans unable to agree even a short-term deal to give them more time.

“The Stop Gap bill appears stuck in the mud as the Republicans, despite controlling the majority in both House and Senate, are again and again relying on the Democrat vote as the Conservative hardliners are in constant opposition to even the most common sense spending proposal,” said Stephen Innes, senior trader at OANDA

 

France 24

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

Latest posts by Stephen Innes (see all)