US FX Handover: Risk Aversion Reigns!

Matt Weller
By :  ,  Head of Market Research

  • Risk aversion dominated today’s trade as China vowed to raise tariffs on US imports. State-run media suggested that China was considering even more extreme measures such as banning US agricultural imports or dumping US treasury holdings.
  • USD/CNH surged, bringing the pair to within striking distance of a decade+ high near 7.00.
  • The safe haven yen and Swiss franc were the strongest major currencies on the day, while the commodity dollars were the worst performers.
  • Global stocks fell in the worst single day of the year, oil saw a big bearish reversal, and gold ticked higher in another sign of safe haven demand.

Related tags: Forex China

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