Standard Chartered views on what a full trade war is likely to mean for the US dollar and the yen.

They see a full out trade war as the US applying 25% tariffs on remaining Chinese goods and then countermeasures from China

  • Haven currencies should benefit
  • Thus a rapidly higher USD, but also yen
  • USD/JPY towards 100

I posted earlier that the bank does expect to see some sort of wary agreement in Q3