The Dollar Sags in APAC

The dollar nursed its wounds after falling sharply overnight. The dollar index, which tracks the greenback against six currencies, fell as low as 91.405 overnight, compared with levels around the 92 handle over the past two weeks. The dollar index last stood at 91.483.

Against the Japanese currency, the dollar fetched 108.45 yen, a touch above levels around 108.41 seen in the last session.

Stephen Innes, APAC head of trading at OANDA, said traders were concerned with the impact Hurricane Harvey might have on data that could eventually lead “the Fed to sit on their hands for the rest of 2017.” Higher-than-expected U.S. jobless claims and geopolitical concerns also weighed on the currency, Innes 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

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)