Asia equities rally as the USD firms

The dollar maintained its strength as dealers contemplated Trump’s tax cuts passing through Congress and remarks from top Federal Reserve officials indicating another interest rate hike before the end of the year, with the possibility of more in 2018.

“Inter-party (Republican) squabbling has subsided as the US House has taken essential steps setting the stage to roll out a determined tax-overhaul bill which should pass without Democratic backing,” said Stephen Innes, head of Asia-Pacific trading at OANDA.

The greenback was also given some help against the euro by Spain’s ongoing crisis with Catalonia threatening to break away, which has seen the single currency sink to around $1.17 — having topped $1.20 just two weeks ago.

The Business Times Via AFP

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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. 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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