European Session – Euro surges to 1.17, yen gains on safe haven flows as equity rout intensifies
Posted on August 24, 2015 at 2:26 pm GMTLast week’s sell-off in global equity markets intensified today as concerns grew over the health of the Chinese economy and the pace of its slowdown following poor domestic data recently. Adding to concerns was the yuan’s devaluation earlier this month. As the world’s second largest economy stutters, many investors are now lowering their expectations of a rate hike by the Federal Reserve in September. Consequently, the US dollar underperformed today mainly against the euro and the yen but was up [..]