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Market Overview
Dollar Almost Reaches Two-Year Peak as Global Growth Fears Hover
As the world’s two
largest economies, the U.S and China, show no signs of coming to some kind of
agreement when it comes to the trade war, the Dollar reached an almost two-year
high yesterday at 98.371, while the world fears for the worst.
Trade talks have been
going on for ten months now and with President Donald Trump raising tariffs on
Chinese imports earlier on in the month, the economies on both sides of the
Atlantic are continuing to feel the strain. All this uncertainly, the fact that
both sides are sticking to their guns, together with the results of the recent
EU elections fragmenting European parties have also seemed to turn up the heat
in European markets.
As a result,
investors took refuge in safe-haven assets yesterday, which included government
bonds. According to CNBC “Against a basket of six
major currencies, the dollar index inched 0.03% lower to 98.113, hovering within reach of a
two-year high of 98.371 reached a week ago. The index is up more than 2% for
the year.”
Talking about the way
in which the markets are moving, Michael McCarthy, Sydney-based chief market
strategist at CMC Markets said “the outlook for
global growth and any drag from the festering trade dispute remain key issues
for markets. The data over the next twenty-four hours has the potential to either
confirm or dispel the gloom.”
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