EUR, NZD, GBP, CAD and eyn are all weakening against the USD.
AUD takes the cake though, its under its late Friday low.
Ranges are not huge but for the Asian time zone are notable:
Political news has dominated.
However, market news centres on the People’s Bank of China and its easing today:
China cuts 1 and 5 year loan prime rates by 10 basis points eachPBoC announces cut to 7-day reverse repo rate to 1.70% from 1.80%PBOC to lower collateral for Medium-term Lending Facility (MLF) loans
Markets have been screaming at the PBOC for further support. These moves from the PBOC are being seen as ‘too little, too late’. Ungrateful lot, aren;t we?
This article was written by Eamonn Sheridan at www.forexlive.com.
