REPUBLICAN BICKERING

REPUBLICAN BICKERING

In the US, underperforming corporate earnings, as well as fears that bickering among Republicans would derail Mr Trump’s tax reform plans, weighed on investor sentiment.

Mr Trump has struggled to marshall the 51 votes he needs to pass his proposal, as critics within his own party have lambasted his combative behaviour.

With 52 Republican senators, more than one defection would cripple his reform bid, forcing him to seek support from Democrats who have attacked his plan, calling it a giveaway to the rich.

“Republican infighting once again threatens to derail the vote,” said Stephen Innes, head of Asia-Pacific trading at Oanda.

“Uncertainty over the next Fed Chair has traders double and even triple guessing their best-educated guess. Indeed, the agonising wait is taking its toll on positioning as the longer the process gets drawn out, the more nervous the market becomes”, Innes added

The Business Times

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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