More selling is anticipated on Wall Street on Monday, with U.S. stocks called a startling 700 points lower at one point, as Asian stocks crashed to multi-month lows on Monday and the Shanghai Composite closed more than 8.5 percent down.
Safe havens on the other hand, have enjoyed something of a renaissance, with gold rallying over 6 percent in the last two weeks, while U.S. Treasurys yields slid over 20 basis points to under 2.1 percent.
Among the major currencies, the yen and the Swiss Franc have gained 2.5 percent and 4 percent respectively against the dollar.
Meanwhile, analysts are turning increasingly bullish on the euro.
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"I think that the boost of competitiveness to Europe, plus the fall in oil prices, plus structural reforms, have meant that people have taken another look at the fundamentals and decided that some of the European countries are doing much better," fund manager and founding partner at THS partners, Cato Stonex, told CNBC.
Nomura revised its foreign exchange forecasts on Friday, with euro-dollar now seen at $1.13 by the end of the third quarter, rather than $1.05. By year-end, Nomura now sees the euro at $1.10, revised up from $1.05.
Jens Nordvig, managing director of currency research at the bank, said that with the case for a rate rise in the U.S. in September looking "shaky," a test to euro-dollar parity now looked extremely unlikely.
"We are now formalizing a new central case that the Fed delays in September and that the market will start to question lift-off in December, allowing U.S. rates to rally somewhat further than the levels observed currently," he said.