A rare USD reprieve

The greenback was a tad higher after hitting a 15-month low earlier in the session on a mix of political uncertainty stateside and market expectations of further rate hikes from the Fed.

The dollar index, which measures the dollar against a basket of rival currencies, stood at 93.052 at 9:35 a.m. HK/SIN, off a low of 92.777 touched overnight. Against the yen, the dollar fetched 110.51 yen, off a low of 110.28 yen seen earlier in the overnight session.

While the dollar took a breather after “incessant waves” of dollar selling seen earlier in the week, a skittish overtone remained in the currency markets, OANDA APAC Head of Trading Stephen Innes said in a Wednesday note.

“The U.S. political crater and lack of fiscal stimulus from Washington will continue to be the primary catalyst for dollar declines,” he said.

CNBC

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

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