Asia markets slide following US slip

-Big week for USD-

Investors are braced for a heavy week in the US, with President Donald Trump expected to say whether he will replace Federal Reserve chief Janet Yellen, with the announcement likely by Friday before he embarks on an Asia tour.

Traders are also keeping a close eye on the release of the October jobs report on Friday.

News of the first indictments of the FBI investigation into Russia’s interference in the 2016 US presidential election has also sparked caution among investors.

“The scope of Special Prosecutor (Robert) Mueller’s investigation will likely widen. But at this stage, we have no idea if there’s a smoking gun or its all a tempest in a teapot,” said Stephen Innes, head of Asia-Pacific trading at OANDA.

There are fears the probe could potentially derail Trump’s tax cut plans which have boosted investor optimism.

A guilty plea by George Papadopoulos — a foreign policy advisor on Trump’s campaign — is seen as the sharpest evidence yet of possible collusion between the campaign and Russia.

AFP

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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