Although there was a very brief period on August 7 when the local currency plunged to 66.88 US cents, it managed to recover from that flash crash within hours.due to a"firmer US dollar, weaker European PMI [purchasing managers index] data, softness in most of the base metal prices, and uncertainty over the schedule of trade talks between China and the US," the Commonwealth Bank's chief currency strategist Richard Grace said.
In comparison, Europe's other major indices underperformed — with Germany's DAX rising 0.1 per cent, and Paris's CAC up 0.2 per cent.China did not release details of its legal case but said the US tariffs affected $US300 billion of Chinese exports. The lawsuit is the third Beijing has brought to challenge Mr Trump's China-specific tariffs at the WTO, the international organisation that limits the tariffs each country is allowed to charge.
"China has taken the unilateral decision to adopt aggressive industrial policy measures to steal or otherwise unfairly acquire the technology of its trading partners," the US said in its defence.
'Aussie dollar at GFC low Meanwhile, the Australian dollar has slipped to 67.18 US cents — a fresh 10-and-a-half year low, which takes it back to global financial crisis levels.'
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Source: SkyNewsAust - 🏆 7. / 78 Read more »