Aussie pressured in early trade

Watching the dollar

The Australian dollar edged down to trade at $0.7644 at 8:16 a.m. HK/SIN compared to Friday’s close of $0.7661. The currency had been pressured following the release of the Reserve Bank of Australia’s quarterly statement last week.

“[U]nless there is massive surprise in the data or an abrupt shift in RBA rhetoric, who appear sidelined indefinitely on tepid growth and apathetic inflation figures, the Aussie should remain pressured,” Stephen Innes, Asia Pacific head of trading at OANDA, said in a morning note.

The currency’s slide on Monday also came after news of yet another member of parliament, Liberal Party MP John Alexander, resigning on Saturday as he was not certain that he only had Australian citizenship. The Australian constitution blocks dual nationals from parliament.

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

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