More On China

Chinese regulators decided on Tuesday to devalue their currency by far more than they usually did. The decision was most probably caused by worrying data from the Chinese economy. However, such decision raises question over FED's hike in September.

A new currency war and a delayed Federal Reserve rate hike - these are the potential market-shaking implications of PBOC's decision to devalue the yuan.The move took investors by surprise, with many pointing to weak July trade data  , the recent stock market rout's spillover impact on consumption, and aspirations for inclusion into the International Monetary Fund's Special Drawing Rights basket as factors motivating the Bank. 

Another key event of the morning was a final agreement that was reached between Greece and its creditors . Such news caused a final relief rally of the euro, the strongest currency on the market today. 

And last but not least, gold. The precious metal is up almost 1% while most other major currencies have recovered losses and are trading with moderate gains against the USD.