The fall of the Argentine peso caused an unexpected Bitcoin rise

The fall of the Argentine peso caused an unexpected Bitcoin rise

The Japanese yen (JPY) rallied to its highest in over a year and a half against the USA dollar (USD) on the notion it could gain in a drawn-out Beijing-Washington trade discord. Bond yields in Europe also were lower on the day.

"It's the "risk off" in the market generated by events in Hong Kong and Argentina that is feeding demand for the yen", said Yukio Ishizuki, senior currency strategist at Daiwa Securities. In Italy, debts gave the advance an extra lift after Fitch kept the economy's rating steady despite the rising possibility of snap elections being called there.

"The Bitcoin/ArgentinePeso market is highly illiquid", said Kruger.

Economists are also watching for a batch of global data this week.

Concerns that a trade deal would not be reached before the 2020 U.S. presidential election grew after Goldman Sachs on Sunday became the latest to cut its USA growth outlook and warn a trade stand-off would fester past the election. Government bonds tumbled 25% on average, with some prices falling to as low as 55 cents on the dollar, according to Bloomberg. The dollar index .DXY was 0.45% higher at 97.815, and the offshore Chinese yuan was 1.25% stronger at 7.0125./jpy=.

The nagging worries about an extended US-China trade conflict - in addition to a no-deal Brexit issue - has kept Japanese currency bulls charging early Monday, while Argentina's economy was set to collapse after voters handed its leader an election beating.

White House trade adviser Peter Navarro subsequently said that the United States was still planning to hold another round of trade talks with Chinese negotiators.

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Wall Street rallied on news of the tariff delay.

In commodities, oil prices dipped on growth and trade worries, having risen sharply on Friday on a drop in European inventories and production cuts by the Organization of the Petroleum Exporting Countries.

Brent futures settled up $2.73 at $61.30 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.17 to settle at $57.10 a barrel. But then it fell again and was down 2.29 percent.

"The huge positioning squeeze, notably on gold and yen crosses, inclusive of CNH, after the latest news should be largely done", said Alan Ruskin, chief global strategist at Deutsche Bank.

"Despite the laundry list of disruptions and additional barrels at risk, investor length is now near a multi-year low".

The prices of all USA dollar-denominated Argentinean debt maturing between 2021 and 100-year maturing in 2117 rose cautiously by U.S. $ 0.5.

Official results showed that in the primary elections that featured 10 presidential candidates, Macri and his vice presidential running mate, Miguel Angel Pichetto, of the ruling party received just 32.08 percent of the votes, with 98.67 percent of the ballots counted, while Alberto Fernandez and his vice presidential running mate, ex-president and current Senator Cristina Fernandez, of the opposition party Frente de Todos - Front of All - garnered 47.65 percent.

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