XE Market Analysis: North America – Aug 15, 2018

The Dollar has posted broad gains amid a backdrop of rekindling risk aversion. Turkey’s Erdogan escalated the confrontation with the U.S. by announcing tariffs on U.S. cars, alcohol and cigarettes. Chinese stocks came under pressure again, with the Shanghai Composite closing 2.1% for the worse, 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.