Asia Indexes Surge

The Senate passed a budget proposal that allowed Republicans to move closer to eventually passing tax reform. The measure was passed with a vote of 51-49.

The U.S. currency rose against the Japanese yen following those headlines to fetch 113.20 — above levels around the 112 handle seen most of this week. The dollar index, which tracks the greenback against a basket of six currencies, edged up to 93.472 at 2:46 p.m. HK/SIN.

Yields on the 10-year U.S. Treasury note inched higher to 2.3574 percent after falling to 2.3178 percent on Thursday.

“Global markets have flipped from a state of agony to one of ecstasy as the path has been cleared for the long-awaited U.S. tax reform to move forward,” Stephen Innes, APAC head of trading OANDA, said in a note.


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