The US dollar was firm on Monday as trading got underway for the start of the week.
A range of developments over the weekend and late on Tuesday night fuelled this development.
One in particular seemed to be news from the administration of Donald Trump that the government was thinking about removing Chinese firms from stock markets in the US.
While this seemed to cause risk-off sentiment to surge at first, the claims were later decried by government officials.
The consequences of this were clear.
The US dollar was highly in demand, and it managed to surge ahead against a range of other currencies from across the globe.
Against the pound sterling, for example, it refused to cede any ground and was spotted at $1.2287 at one stage.
In its pair with the Japanese yen, it was holding steady at 108.93 yen per each dollar.
In the dollar index – a tool which is used to track how it is performing in comparison to several other major currencies from across the globe – it rose again, this time to 99.615.
While it did see some drops against the single European currency, these were limited in scope.
It only dropped to $1.0932 in this pair.
In a sign that risk was well and truly off the cards in the forex markets as the weekend concluded, the dollar also managed to mop up gains against export heavy currencies such as the offshore yuan in China.
The New Zealand dollar also suffered, although this appeared to be more to do with domestic news releases than anything else.
It was seen at close to its worst performance in four years at one stage, with a figure of $0.6257 recorded.
Business confidence data, for example, was revealed to have been at its lowest point in over 11 years.
One of the worst performers across the day was the Australian dollar, which – as above – dropped in relation to the US dollar.
It was recorded at $0.6756, which was a key low point.
It is widely expected that the Reserve Bank of Australia will cut interest rates for what will be time number three over the course of the year.
In fact, markets are now beginning to price in a 75% likelihood that this will happen when the meeting begins tomorrow (Tuesday).
In China, recently gloomy factory activity news was neutralised slightly by the news that improvements had been recorded in this metric – although there were some suggestions in press reports that this may have been a fluke.
However, trading is likely to significantly slow down across the week due to a number of factors.
This will include the 70th anniversary of the People’s Republic of China, which is set to instigate a one week holiday in the country.
This will not only mean that the banks will be closed.
It is also likely to mean that news reports on the status of the ongoing trade battle will cease, or at least be reduced.