Risk off as China trade plunges; Brexit vote

Tuesday, 15/01/2019 | 12:01 GMT-0

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Market Recap

Relatively little change in currencies. The overall trend was a “risk off” mood, caused by a stunning plunge in Chinese imports and exports. Although the overall trade balance was higher than expected ($57.1bn vs $51.6bn expected, $41.9bn previous), this was only because imports fell more than exports (-7.6% yoy vs -4.4% yoy); both had been expected to grow on a yoy basis.

The apparent slowdown in the Chinese economy caused a general fall in stock markets worldwide and a typical “risk off” move in the currency markets, with JPY and CHF gaining and AUD and CAD losing.

It was notable though that USD also fell despite the dollar’s usual safe-haven role. This suggests investors are concerned that the trade war between China and the US will not only hurt China but also hurt the US as well.

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Exclusive Capital Ltd. Review

Source: https://www.exclusivecapital.com/risk-off-as-china-trade-plunges-brexit-vote/

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