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Asian equities dive on trading war concerns
On Monday, Asian equities declined to near three-week minimums amid worries of a global trade conflict, while the common currency was fragile in the FX markets because of concerns that in Italy an anti-establishment coalition government could potentially spring up from elections.
On Sunday, Italian voters delivered a hung parliament, rushing to anti-establishment as well as far-right parties in huge numbers and bringing the euro zone's number three economy into a political trap, which could take much time to clear.
After such a beginning, the euro rebounded to $1.2323 from a two-week maximum of $1.2365 because the euroskeptic 5-Star Movement hoped its support soar would turn to be the largest single party, following projections built around early vote-counting.
The common currency was still gaining support after Germany's Social Democrat party underpinned the reunion with Angela Merkel's conservatives, enabling her to create a new government over five months since Germany’s inconclusive election.
The euro also gained support from safe-haven flows, with risk sentiment strengthening worries of a trade conflict after Donald Trump rolled out tariffs on imported aluminum and steel.
The evergreen buck dived for a fourth straight trading session hitting 105.49 yen, although it was a bit higher Friday's minimum of 105.23. The given mark hasn’t been observed since November 2016.
Traditionally gauging the greenback’s value versus a group of key rivals, the US dollar index stood still.
On Sunday, China told that it didn’t want a trade feud with America, but nevertheless it’s going to have its interests protected, warning that policies built around mistaken assumptions are going to damage bilateral relations.
Many market participants are afraid that today’s momentum in the world’s economy could slump if Trump dears to start a trade feud.
MSCI's broadest benchmark of Asia-Pacific equities beyond Japan dived 0.8%.
Japan's Nikkei as well as South Korea's KOSPI declined 0.7%.
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Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!