Canada Matches US Tariffs, C$ Takes a Hit Amid Fresh Risk Aversion
The Canadian Dollar has taken a hit as Canada announced it would match US tariffs dollar for dollar. The measures are set to take effect on September 8, but the door was left open for another attempt. This move comes after US Treasury Secretary's announcement of sanctions on Iran.
The US Treasury Secretary plans to unveil what he calls 'the greatest financial offensive ever marshalled' in response to Iran's threats to halt its oil exports. If this happens, it could push WTI oil towards $100 per barrel.
The market is experiencing fresh risk aversion due to the pending Iran sanction announcement and lingering effects of the failed bond-buy back plan. Asian equity markets ended mixed, with Hong Kong's Hang Seng declining 1.89%, while Japan's Topix added 0.15% and Australia's ASX 200 advanced 0.49%. The UK FTSE 100 has also added 0.18%, while the German DAX and French CAC-40 are unchanged.