- 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.
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