NZD/USD and AUD Exchange Rates Plummet
The NZD/USD exchange rate has fallen to a six-month low, while the AUD has suffered an even greater decline.
US President Trump has reacted with anger to China's extension of rare earth export controls, threatening a significant increase in Chinese import tariffs.
Trump reacts to China's extension of rare earth export controls with fury; threatens massive lift in Chinese import tariffs.
Market Impact
The US-China trade détente has abruptly ended, causing risk sentiment to plummet during the overnight Friday trading session. As a result, US equities have tumbled, while US Treasuries have rallied, sending the 10-year rate towards 4%.
- FX safe-havens JPY and CHF have outperformed.
- AUD has been hit the hardest.
- NZD has fallen to around 0.5720.
- Oil prices have tumbled.
- Gold has recovered back above USD4000.
Author's summary: Trade war escalation sparks volatility.
More News
- Rugby Shirts Are the Latest Preppy Trend Making a Comeback—Here Are the Best Ones to Shop
- Plasma resilience: Europe’s lifeline — and why we must strengthen it now
- A Saint for our time: The canonization of Archbishop Ignatius Maloyan
- Coast Guard and National Guard crews have now rescued 51 from Alaska floods
- The most dangerous intersections in Los Angeles
- Liberty Hall to reprise its role as an opera house for centennial anniversary screening with live piano accompaniment
- Brendan Gallagher: No-one is immune to this awful disease
- Bob Ross paintings to hit auction block as fundraiser for APT’s Create
- Brio and Bravo get strategic investment from R&R Brands
- Brendan Gallagher: Furious little bull who was as hard as nails