APAC Bourses follow the Dow Lead

However, the dollar turned lower against most of its peers as investors mull comments from Trump and his nominee for Treasury Secretary Steve Mnuchin that the unit is too strong and could hurt the US economy.

“We may have underestimated… investor sentiment towards Mnuchin and Trump’s comments on the dollar,” said Stephen Innes, senior trader at OANDA, in a note.

“Of course, this does not mean it’s open season to sell dollars; it is certainly weighing on sentiment as there is little dollar appeal in the markets.”

The US unit’s general weakness also saw it tumble more than two percent against the Mexican peso despite news Trump had ordered work to begin on planning and building a wall along the US-Mexico border.

The dollar bought a little more than 21 pesos Thursday, well down from the record levels above 22 pesos touched earlier this month.


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