Markets Live : Aussie Dollar Bounce

12:59 PM Sydney


OANDA Australia and Asia Pacific senior currency trader Stephen Innes said that the greenback was due for some profit taking following its strong rally over the past days.

“The Australian dollar also caught the wind in the sails overnight from the surging oil prices,” said Innes. “Profit-taking was also on the cards after the recent sell-off in US treasuries abated and the 10-year yields of the US stabilise.”

“Keep in mind that given just how far the US dollar has surged from last week’s position and squaring ahead of the long weekend in the US, it was expected.”

The Sydney Morning Herald

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