Little fallout from Comey so far


US stocks did not react to the testimony, which also expressed the fired FBI chief’s profound discomfort with Mr Trump’s behaviour.

However, US markets were unfazed by the letter, which Stephen Innes, senior trader at OANDA, said “offered no smoking gun or impeachment-worthy bombshells and only repeated what the market had already known”.

In Asian trade, Tokyo ended the morning 0.1 per cent higher with dealers brushing off news that the Japanese economy grew at a slower rate than first thought in January-March.

But Hong Kong lost 0.1 per cent and Sydney gave up 0.2 per cent while Seoul was off 0.4 per cent. Shanghai eased 0.1 per cent ahead of the release of Chinese trade data later in the day. Singapore and Wellington also dipped.

In Britain Prime, Minister Theresa May’s Conservatives are expected to win the national vote, but their once commanding lead in opinion polls has been slashed since she called it, leading to fears of political uncertainty ahead of key Brexit talks.

However, the pound remains buoyant on expectations of a Conservative win, with analysts predicting it could jump to US$1.32 if Mrs May wins a comfortable majority. It is currently at US$1.2961.

The euro was struggling on speculation the European Central Bank would lower its eurozone inflation forecasts through to 2019, leading to worries it would stick to its loose monetary policy.

The single currency had been rallying on hopes the lender, which holds a meeting Thursday, would begin to tighten monetary policy as the bloc’s economy picks up.



The Business Times via AFP

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