A rare sight to behold
It's not every day that a commodity currency and a safe haven currency share last place among performance in the major currency bloc. But it is the case in trading so far today.
The aussie and the yen are both the weakest performers, but for very different reasons.
In the aussie's case, it's mostly to do with a report emerging that China is studying the potential use of devaluing the Chinese yuan as a retaliatory tool against the US. The last time China devalued its currency back in August 2015, the aussie also took a hit as China is Australia's largest trading partner - both in terms of exports and imports.
While some argue that a trade war could potentially benefit Australia, a currency war where China devalues the yuan certainly won't.
Meanwhile, the yen is being dragged lower on the day as stocks look buoyant anticipating that trade tensions between US and China should ease ahead of Xi Jinping's speech at the Boao Forum tomorrow.
US equity futures are also trading at the highs for the day currently:
