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Yuan and Australian Dollar Hit by Latest Round of US Tariffs

Traders offloaded Chinese yuan and Australian dollars on Wednesday after the US government said it would introduce 10 percent tariffs on a further $200 billion worth of Chinese goods.

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The news represents a significant escalation in trade tensions between the world’s two largest economies and comes just days after the US imposed tariffs on Chinese products worth $34 billion, and six weeks after tariffs imposed on European, Mexican and Canadian steel and aluminium. Collectively, these developments are a threat to the global economic recovery, say analysts.

AUD to USD - 1 Week chart - Latest
AUD/USD - 1 Week Chart - Latest

Broadly, Wednesday’s news led investors to shun risker currencies throughout the Asian session.

Of the FX majors, the hardest hit was the Australian dollar, which fell roughly half a cent to 74.1 US cents. The Chinese yuan weakened by roughly 4 fen to 6.675 and 6.692 in the onshore and offshore markets respectively.

In favour on Wednesday morning were the Japanese yen and US dollar, which typically display resilience in times of trouble. Both currencies gained across the board and were steady relative to each other at rates slightly above 111.

Elsewhere, the euro fell marginally to 1.1730 and sterling – still shaken from recent high-profile political resignations – fell to 1.3260. Both currencies recovered from eight-month lows against the Norwegian krone, which remains this year’s top performing G10 currency. The krone has made the most this year of a 20 percent increase in oil prices and is now worth 9.445 per euro and 10.682 per pound.

BTC to USD - 3 month chart - Latest
BTC/USD - 3 month Chart - Latest

On Tuesday, bitcoin had its worst day in three weeks, falling by some $370 to $6,300. Like other cryptocurrencies, bitcoin continues to trade with especially low volatility – far lower than that witnessed in the heady period spanning December and January.

This is, of course, due in large part to summer trading but is also a reflection of reduced interest. In June, CNBC reported that Google searches for “bitcoin” had fallen 75 percent over a five-month period.


Further Reading


TransferWise Borderless Account – BER Review

TransferWise’s Borderless Account allows users to hold and convert funds in 40 different currencies, and send and spend internationally, all at the “real” exchange rate and with the low fees that TransferWise is renowned for. Users can also receive major-currency payments free of charge.

Updated: 20 Mar, 2019

CBOE Ditches Bitcoin Futures Amid Reduced Interest

Amid declining interest, the Chicago Board Options Exchange, or CBOE, has announced it will no longer offer bitcoin futures contracts once current contracts expire in June.

Updated: 19 Mar, 2019

Canadian Dollar to Lose a Further 5 Percent, Will Soon Buy Only US$0.71 (TD Securities)

Prospects for the Canadian dollar have turned “considerably to the downside” and the currency is likely to lose 5 percent of its value this year, TD Securities has said.

Updated: 19 Mar, 2019

Australian Dollar Still Struggling; AUD/GBP at Lowest Since 2016

A slight advance in AUD/USD this week to $0.705 is hardly cause for celebration; however, the stability this represents following 3 weeks of losses would normally signify reduced currency pessimism—in this case, it doesn’t even do that.

Updated: 19 Mar, 2019

Pound Falls From 21-Month High After Doubts Cast on May’s “Legally Binding” Assurances

GBP British Pound Sterling Exchange Rate Forecast Brexit

The pound fell rapidly away from long-term highs on Tuesday morning after Britain’s Attorney General said that the “legally binding” assurances secured on Monday night by Theresa May merely “reduced the risk” of the UK being trapped in a permanent backstop.

Updated: 19 Mar, 2019


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