Asia Market Take Profits ahead of US data


Asian investors on Friday wound down after a strong week, with profit-taking weighing on most markets and attention turning to the release of US growth data later in the day.

Regional equities have seen a boon this week after France’s moderate Emmanuel Macron won the country’s presidential first round and looked set to beat his far-right rival in the run-off, while Donald Trump unveiled his long-awaited tax cut plans.

Upbeat earnings in the US have provided support, as did the Bank of Japan and European Central Bank reasserting their commitment to a loose monetary policy and Trump’s decision not to scrap the NAFTA trade pact with Canada and Mexico.

However, there are concerns that Washington lawmakers have yet to pass a bill before Saturday that will prevent a costly shutdown of the US government, with Democrats and Republicans unable to agree even a short-term deal to give them more time.

“The Stop Gap bill appears stuck in the mud as the Republicans, despite controlling the majority in both House and Senate, are again and again relying on the Democrat vote as the Conservative hardliners are in constant opposition to even the most common sense spending proposal,” said Stephen Innes, senior trader at OANDA


France 24

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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