FILE PHOTO: Currency signs for the Japanese yen, the euro and U.S. dollar on a board outside a currency exchange office at Narita International airport, near Tokyo, Japan, March 25, 2016.
(Photo: REUTERS/Yuya Shino/File Photo)

The nagging worries about an extended US-China trade conflict - in addition to a no-deal Brexit issue - has kept Japanese currency bulls charging early Monday, while Argentina's economy was set to collapse after voters handed its leader an election beating.

As this happened, investors ran for gold, and the safe-haven yen in the midst of global economic doubt while Argentina's currency dropped 23% following the shock poll results. The yellow metal edged up, retaining above the psychological region of $1,500. Spot gold gained 0.7% to $1,505.85 per ounce.

The Argentine peso plunged to 55.2545 to the greenback, after voters shunned President Mauricio Macri by giving the opposition a bigger-than-anticipated win in Sunday's nationwide election.

The Japanese yen (JPY) rallied to its highest in over a year and a half against the US dollar (USD) on the notion it could gain in a drawn-out Beijing-Washington trade discord.

Pre-market gains in Europe and Asia's main bourses had long waned and Wall Street futures were 0.7 to 0.9 languishing in the red as market players struggled for yet another potentially shaky week.

Incessant concerns that a trade accord would not be finalized before the 2020 US presidential election heightened after Goldman Sachs came out as the newest investment firm to slash its US growth forecast and cautioned a trade stalemate would arise after the polls.

In China, shares saw an ascent of more than 1% after the yuan (CNY) steered clear from further recoil and money managers eased margin and financing policies late Friday, but safety pervaded in much of the trading floor, after finance ministers deliberately allowed the yuan to drop below 7-per-dollar mark last week.

World markets and risk barometers have become more volatile and the JPY reflects these worries, and safe-haven harbors like the Swiss franc and yen are seen to benefit, Commerzbank forex strategist Esther Reichelt, said.

Stocks for the near-term, on the other hand, lack a stimulus either from company profits, a central bank, or a trade agreement, Rahul Shah, chief executive of New York-based Asset Management Co., disclosed.

In Germany, bonds remained robust while treasuries in the US likewise were firm. In Italy, debts gave the advance an extra lift after Fitch kept the economy's rating steady despite the rising possibility of snap elections being called there.