Dollar woes continue


And despite uncertainty over Brexit, the pound is also sitting around levels against the dollar last touched in June 2016, when Britain voted to leave the European Union.

Stephen Innes, head of Asia-Pacific trading at Oanda, warned the greenback could face further selling.

“With the dollar trading ‘three sheets to the wind’ and ‘wobbling like a drunken sailor’, there is a stronger chance that panic dollar selling will ensue and hammer the dollar lower,” he said.

The yuan extended Monday’s advance that followed news Germany’s central bank would include the Chinese currency in its own reserves, the latest step towards its internationalisation.

The currency is at a two-year high after Bundesbank board member Andreas Dombret’s comments. The announcement follows the International Monetary Fund’s decision in 2016 to include the yuan in its elite basket of currencies.

The Business Times vs AFP

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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