PT Solid Gold Berjangka | Aussie, Kiwi Dollars Struggle on China’s Rate Cuts; Dollar Adrift
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Solid Gold Berjangka | The Australian and New Zealand dollars hovered near multi-week lows after China cut several key interest rates.China surprised markets on Monday by cutting key short- and long-term interest rates for the first time since last August.
The two Antarctic currencies, often used as liquid substitutes for the Chinese yuan, were flat after falling in the previous session on the news. The Australian dollar traded at $0.6643 early Tuesday, while the New Zealand dollar fell 0.01% to $0.5979.The euro was down 0.02% at $1.0889 and the pound was likewise down 0.02% at $1.2928.
Against the yen, the dollar was down 0.14% to $156.79. The dollar index was unchanged at 104.29.The market’s muted reaction to U.S. President Biden’s decision to withdraw from the campaign over the weekend was seen as the so-called Trump trade unwound, with the dollar and U.S. Treasury yields softening slightly and bitcoin’s gains pausing.
Source Reuters