EM FX Asia trades firmer

 

 By Susan Mathew
    Oct 31 (Reuters) - Most Asian currencies advanced on Tuesday
with the dollar coming under pressure after investigators
probing Russian meddling in the U.S. election had charged
President Donald Trump's former campaign manager.
    Federal investigators probing Russian interference in the
2016 U.S. election charged Paul Manafort, Trump's former
campaign manager, and aide Rick Gates with money laundering on
Monday.
    "The scope of the 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," Stephen Innes, Head of Trading Asia at FX
broker OANDA, said in a note.
    Sentiment appears subdued as Trump contemplates his choice
for the next Fed chair, which will influence the future pace of
its rate hikes. Thus far, Jerome Powell, seen as less hawkish
than fellow candidate John Taylor, remains in favour.

    The dollar fell to a one-week low against the yen,
while the dollar index, which measures the greenback
against six rivals, was marginally higher.
    The South Korean won led gains in the region, hitting its
highest in two months.
    The Indonesian rupiah was up slightly, on-track to
post its third straight month of gains. Sentiment may also have
been boosted by data out later on Monday showing that Indonesia
saw foreign direct investment increase at a slightly faster pace
in July-September than in the previous quarter.
    The Taiwan dollar was 0.2 percent higher ahead of
preliminary third-quarter economic growth data to be out later
in the day. 
Reuters

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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