The Dollar has posted broad gains amid a backdrop of rekindling risk aversion. Turkey’s Erdogan escalating the confrontation with the U.S. by announcing tariffs on U.S. cars, alcohol and cigarettes. Chinese stocks came under pressure again, and the PBoC set the USD-CNY reference rate at 6.8856, the highest since May 2017, up from yesterday’s fixing at 6.8695. Both the Bank of Indonesia and the HKMA have intervened to support their respective currencies. The USD index (DXY) posted a 14-month high at 96.87 while EUR-USD concurrently printed a 13-month low at 1.1316.
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