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Day: August 6, 2018
August 62018
Chinese Yuan Erases Early Gains on US Trade Friction, PBOC Move
The Chinese yuan enjoyed a great start to the trading week, but the currency quickly pared its gains on concerns over escalating trade tensions with the US. The trade fallout is also impacting the equities market as the widespread selloff are sending stocks, especially small-cap stocks, tumbling. On Friday, the Chinese government warned that it would slap more tariffs, ranging from 5% to 25%, on $60 billion in US goods. This […]
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August 62018
Euro Weakens Against a Strong US Dollar on Global Trade Concerns
The euro today weakened against the US dollar as trade tensions between the US and China boosted the greenback. The EUR/USD currency pair was further dragged lower by the positive investor sentiment towards the greenback following the mixed non-farm payroll data released on Friday. The EUR/USD currency pair today dropped from a high of 1.1570 to a low of 1.1532 and was approaching 2018 lows due to the bearish investor sentiment towards the euro. The currency pair had […]
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August 62018
Pound Drops After UK Officials Talks About Chances of Hard Brexit
The Great Britain pound dropped today after a UK official signaled about a possibility of the “hard” Brexit. As the date of the final separation of the United Kingdom from the European Union draws closer, chances that the UK and the EU will reach a trade deal before the deadline of March 2019 diminish. Pessimism increased after Trade Secretary Liam Fox said that there is 60% chance of the “no-deal” outcome, blaming “intransigence” of EU officials […]
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August 62018
Swiss Franc Under Pressure from Stock Markets’ Attempt to Rally
The Swiss franc was soft today as the attempt of stock markets to rally put pressure on safer currencies. The markets wobbled, though, amid trade tensions between the United States and China. Today’s decline followed Friday’s better-than-expected inflation data in Switzerland. Released on Friday, a report from the Federal Statistical Office showed that the Consumer Price Index fell 0.2% in July from the previous month. While it was a worse reading than […]
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