Euro holds on to gains in early APAC trade

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In contrast to a slew of Chinese data points missing forecasts on Tuesday, economic reports released overnight in Europe was more upbeat. The 0.8 percent third-quarter growth print in Germany topped the 0.6 percent forecast in a Reuters poll.

In response, the common currency spiked as high as $1.1805 in the last session — its highest levels in almost three weeks. At 8:23 a.m. HK/SIN, the euro traded at $1.1788.

“[W]hile the GDP print provided the initial catalyst, the velocity of the move suggests that investors are finally discounting the European Central Bank’s dovish guidance in the face of stronger economic data,” Stephen Innes, Asia Pacific head of trading at OANDA, said

 

CNBC

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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. 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