Safe-haven currency rallies to one-week highs against the risk-sensitive Australian and New Zealand dollarsA man in a mask walks past a board indicating prices on the Tokyo Stock Exchange in this file photograph. Picture: AFP / KAZUHIRO NOGI
The moves extended a dour start in May that began on Friday with bleak US data and the threat of fresh trade-war hostilities between the world’s two biggest economies. “The risk of a pullback has increased this week,” said Chris Weston, head of research at Melbourne brokerage Pepperstone.White House National Economic Council director Larry]With Chinese markets shut on the mainland, offshore yuan extended Friday’s slump to hit a six-week low of 7.1560 per dollar before clawing back to flat.
US manufacturing plunged to an 11-year low last month, consumer spending has collapsed and about 30.3-million Americans have filed claims for unemployment in the last six weeks.