Overnight, China’s yuan sunk to a new 11 and a half-year low, reaching its worst month on record, following fears that the economy is suffering from an intensifying US-China trade war.
Asian and Australian shares dived on Monday amid a new bout of the US-China slugfest that has been dominating the markets in recent months.
As fears circling the US-China trade conflict escalated, the demand for safe-haven currencies began to surface, resulting in a slight rise for the yen today.
Overnight, financial markets all around the world fell due to increasing pressure and concern surrounding the US-China trade dispute.
In early trading today in Europe, the dollar fell against safe havens such as yen and Swiss franc, after the president announced a sharp acceleration of the US trade war with China.
The impact of the US-China trade war goes beyond its primary players, resonating through the forex market.