No clear sailing to 114.00 USDJPY -Market Talk



– Japanese stocks sold into the close despite the yen easing against most other currencies. Concerns about the Mueller investigation ultimately overshadowed tax-reform legislation clearing the Senate. Although dollar-yen should’ve benefited from “favorable” US interest rate differentials, traders are “not banking on clear sailing” into the Y114-range given the Russia-linked investigation headlines, says Stephen Innes, senior trader with Oanda. The dollar is at Y112.80, steady with there it was when local stock trading started today and versus Y112.25 late Friday in New York. The Nikkei fell 0.5% to 22707.16 amid some fresh tech weakness; camera maker Olympus slid 4.7%, its worst day in 4 months. (; @SuryatapaB)

Dow Jones /WSJ News Wire

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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