Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Asian currencies will be intact
Being on an upswing since the beginning of 2017, Asian currencies won’t probably trade higher than they’re currently in a year. It’s because the Fed presses on with further interest rate hikes, as a Reuters poll discovered.
Having made inroads due to ascending concerns over Trump's ability to pass sweeping tax dips, the Asian currencies are supposed to generally hold their ground, as the survey of more than 50 foreign exchange experts revealed.
One of the best Asian performers, the Thai baht has soared almost 7% versus the greenback, while the Chinese Yuan, Korean won, Indian rupee, Malaysian ringgit, Taiwan and Singapore dollars have all gained more than 4%.
Meanwhile, the dollar index, assessing the greenback versus six crucial currencies, has slumped nearly 8% in 2017.
As for the Chinese Yuan, it’s predicted to stick to current levels of 6.64 per greenback in six months and tumble moderately to 6.70 in a year, as the poll informed.
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