Asian Markets Plummet as Trump Gains Traction

We’ve seen reactions to swings back and forth from Hillary to Donald,” Stephen Innes, a senior currency trader at Oanda in Singapore, said in a phone interview, referring to the nominees, Hillary Clinton and Mr. Trump. The Japanese yen and Mexican peso in particular were weakening significantly in Asian trading, he said, whenever live election results from Florida showed gains for Mr. Trump, the Republican nominee.

However, Mr. Innes added that overall volumes were light, suggesting that many investors were taking a wait-and-see approach until results became clearer.

Traders “aren’t taking on an ultimate amount of risk at the moment and are waiting for the dust to actually settle,” he said. “The lack of liquidity is amplifying these moves.”

The New York Times

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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