The Chinese yuan and the Australian dollar are most affected by trade tensions between China and the US since the beginning of the year. At the other end, the Japanese yen has received some support.
The gray graph shows the currencies against the dollar, while in the red is the effect of the trade war.
According to UBS, things would be in the opposite direction in the absence of this tensions.
The current trend is likely to continue if the policy of introducing trade tariffs continues.
Source: Bloomberg Finance L.P.
Chart: Used with permission of Bloomberg Finance L.P.
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