It was a turbulent start to the week, which saw the Yuan break the 7 to $1 level, as well a sharp rise of traditional safe haven currencies, like the Yen and the Swiss Franc, against other majors. Today we are experiencing the proverbial calm after the storm, and all major currency crosses are nearly flat.
Photo by Steve Johnson.
It is worth mentioning that, despite the apparent tranquillity, the market sentiment still favours traditional refuge assets, as international trade tensions continue to cast long shadows over the growth prospects of the global economy and threatening a global recession.
