Trump Trouble

TRUMP TROUBLE: More turmoil at the White House added to investor pessimism. President Donald Trump abandoned his plans to form an infrastructure advisory council, a day after the administration said would close down two other advisory councils made up primarily of business leaders. The White House was also forced to issue a statement dispelling swirling rumors that Gary Cohn, head of the National Economic Council, was stepping down, saying they were “100 percent false.”

MARKET VIEW: “The White House drama shows little sign of easing,” said Stephen Innes, head of Asia trading at OANDA. “With U.S. investors’ nerves fraying at the thought of a discombobulated White House — the face of the nation — investor risk appetite could remain fractured for some time.”

WALL STREET: U.S. benchmarks had their biggest loss since May. The Standard & Poor’s 500 index dropped 1.5 percent to 2,430.01, its lowest close since July 11. The Dow Jones industrial average tumbled 1.2 percent to 21,750.73. The Nasdaq composite sank 1.9 percent to 6,221.91.

ENERGY: Benchmark U.S. crude dipped 3 cents to $47.06 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 31 cents to settle at $47.09 a barrel on Thursday. Brent crude, used to price international oils, added shed 9 cents to $50.94 a barrel in London.

CURRENCIES: The dollar dipped to 109.40 yen from 110.55 yen in late trading Thursday. The euro rose to $1.1732 from $1.1723.

Chicago Tribune

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

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