Dollar Rebounds Against EM and Energy

The dollar resumed its rise on Wednesday, surging to new 13-month highs and upping pressure on commodities, emerging markets and global stocks, though the Turkish lira managed out to eke out a second day of gains.

Wall Street futures pointed to a sharply lower opening.

The lira, a big focus for markets in recent days, bounced as much as 8 percent as authorities tightened the screws on foreign investors aiming to short the currency. But having firmed beyond 6 per dollar, most of its early gains fizzled out.

West Texas Intermediate graph

via Reuters

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.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza