US equities sold off sharply today, breaking through some important support levels and this sell-off drove all of the major currencies lower. The Dow Jones Industrial Average hit a fresh 3-month low after breaking below the 100 and 200-day simple moving averages. The S&P500 slipped underneath 2800. The New Zealand dollar, one of the most sensitive high beta currencies led the decline despite stronger business confidence and ANZ activity index. With the world’s two largest economies engaged in an intensifying trade war, investors are worried that the global economy will be hit hard by a simultaneous slowdown in the US and … (full story)