The bulk of these wild swings can be attributed to post-ECB trading, although it was interesting to see how quickly investors overlooked Thursday morning's very positive retail sales figures.it appears that currency traders now have little confidence that the Bank of England will act on this upturn in data, until they get more concrete evidence that the slowdown in the United Kingdom economy in the first quarter of the year was indeed temporary.
All sectors on the pan-European STOXX 600 index were in negative territory. It also lifted sterling 1pc higher against the euro to €1.1460, its strongest gain on the currency in 2018, while another rout in emerging markets currencies sparked by the Fed eased.
The ECB sent the euro, the Australian dollar and emerging market currencies tumbling after it signalled the eurozone recovery was not almost as strong as everyone thought and that interest rates there were not expected to rise until late next year. Its latest move came Wednesday, when it raised its benchmark rate by another quarter of a percentage point and indicated two more increases may come this year thanks to the improving economy.
China will impose an additional 25 percent tariff on 659 USA goods worth $50 billion, the official Xinhua news agency reported on Saturday, citing the Tariff Commission of the State Council.
The U.S. dollar edged lower against the Japanese yen on Friday, as President Donald Trump announced hefty tariffs on $50 billion of Chinese imports and Beijing threatened to respond in kind, raising tensions between the world's two largest economies.
The ECB's statement reflected the battle between hawks and doves on the bank's council, with the decision on QE matched by a softening of its approach to interest rates.
Sterling was 0.16 percent higher at $1.3282.
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It conjured up memories of John Daly hitting a moving ball that rolled off the green during the fourth round of the 1999 U.S. Open runner-up six times, most recently in 2013, was having a miserable time Saturday before reaching 13.
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Ultimate , which says something about how important the game is for the company. Subscribe to us on Apple Podcasts or Google Play to follow along.
EURGBP - another failure to move above the 200-day MA at the 0.8820/30 area yesterday has seen the euro slide back with the recent lows at 0.8700 the next key support.
Mario Draghi's press conference was equally dovish.
The biggest complication might be the increasingly murky economic European outlook.
"It would be wise (for the ECB) to lay out policy for the remainder of the year so any unexpected events over the summer, for instance from Italy, don't interfere with its plans", KBC interest rate strategist Mathias van der Jeugt said.
Another event markets are gearing up for was the start of soccer's World Cup in Russian Federation. Russia's timezones mean there will be more matches during European or USA and Latin American trading hours than any previous tournament. Sterling slipped by nearly one percent against the greenback, although it rallied by a similar amount versus the Euro.
"The current economic expansion is the second-longest in USA history, and will set a record if it lasts a bit more than a year longer".
The blue-chip CSI300 index closed down 0.40 per cent at 3,773.37 points, while the Shanghai Composite Index slipped 0.18 per cent to 3,044.16 points.