Asia currencies nudge higher

Most Asian currencies edged up on Tuesday as the dollar came under renewed pressure, with the Thai baht hitting its strongest in more than two years and the won climbing to a 1-month high.

Uncertainty over the pace of the Federal Reserve’s policy tightening and worries that President Donald Trump will fail to deliver healthcare reforms hit the dollar.

A second attempt to pass a revised Rupublican healthcare bill in the Senate collapsed on Monday after two Republican Senators announced their opposition.

The dollar’s index against a basket of six major currencies sank to a more than 10-month low of 94.74.

“We are seeing more of dollar sell-off and chase for yields into Asia currencies right now.” said Stephen Innes, head of trading at OANDA Asia

“This is why we are seeing the currencies trading a little bit favourably. The currencies which are having higher yields are attracting inflows right now.”

nikkei Asia Review

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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