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Trade Dispute Escalates

By Fiona CincottaForexAug 06, 2019 11:48
Trade Dispute Escalates
By Fiona Cincotta   |  Aug 06, 2019 11:48
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The Chinese government, after allowing the yuan to slide below the key 7/dollar level yesterday, took measures to halt the slide, when a US Treasury Department statement named China as a currency manipulator.

Global stock markets and energy markets sold off heavily yesterday before recovering, as investors sought out safe-haven investments. US equities fell sharply, while the dollar lost ground against G10 currencies on raised expectations of action from the Federal Reserve in September.

Losses across the board

Asian markets suffered across the board. The main losses were on the Hang Seng (as much as -2.41%) and the ASX 200 (-2.49%). The Nikkei and the Topix lost -1.80% and -1.75% respectively, with a stronger Japanese yen pressuring Japanese exporters.

European shares recovered after yesterday’s hammering, except for the FTSE 100, which lost 0.2% on early trading. Rolls Royce (LON:RR) announced positive interim results, with losses narrowed and a forecast of improved cash generation. NMC Health lost -2.12%, while Centrica (LON:CNA) was down -1.97%. Just East was up 1.39%, on news of agreed merger terms with, and JD Sports was up 1.07%.

WTI crude fell to $53.72 a barrel, while Brent almost reached $60. Gold, on the other hand, jumped to $1475 an ounce.

"Disclaimer: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient.

Any references to historical price movements or levels is informational based on our analysis and we do not represent or warrant that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, nor does the author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions."

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Trade Dispute Escalates

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Trade Dispute Escalates

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