Greenback Woes

The dollar was also well down against the yen and pound. The unit has struggled as Trump’s travails — from a probe into his election campaign’s links to Russia and failure to push through crucial health care reforms — dampen expectations he will be able to pass his much-vaunted economic agenda.

“Factoring in the expanding US political sinkhole, which is weighing on broader (dollar) sentiment, it’s unlikely the market has run out of steam,” Stephen Innes, head of Asia-Pacific trading at OANDA, said in a note.

Traders will be keeping an eye on the Fed’s latest policy meeting, which ends on Wednesday, hoping for some guidance on its plans for raising interest rates. Expectations for further hikes have been tempered in recent weeks as inflation remains tepid and Trump’s woes build up.

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

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently 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. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and 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)