EURO powers ahead

“There has been very little backpedaling on the long euro storyline as dealers continue to place much emphasis on Draghi declining the opportunity to talk down the currency post ECB minutes,” said Stephen Innes, head of trading for APAC at OANDA, in a note.

The euro traded at $1.1669 on Monday mid-morning Asia time. Elsewhere, the Japanese yen traded at 110.93 to the dollar, strengthening from an earlier low of 111.19, and the Australian dollarfetched $0.7914.

Ahead of the Fed’s meeting, most analysts don’t expect the U.S. central bank to move on interest rates, but they said the market will look for clues on when the Fed will commence the process of balance sheet shrinkage.

Oil prices traded mostly flat, with U.S. crude down 0.09 percent at $45.73 a barrel, while Brent was down 0.02 percent at $48.05



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