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AUD/USD lifted by PBoC move

FXStreet (Córdoba) - Australian dollar and other currencies linked to commodities, strengthened and reached fresh daily highs versus the greenback, on the back of China's central bank decision to cut interest rates to lift a slowing economy.

The PBoC has cut the benchmark 1-year lending rate by 40bps to 5.60%, and the 1-year deposit rate by 25bps to 2.75%, and it also raised the deposit-rate ceiling to 1.2 times the benchmark.

AUD welcomed China easing measures and rose more than a full cent after the news. AUD/USD reached a 3-day peak of 0.8722 before pulling back slightly. At time of writing, teh pair is trading at 0.9686, recording a 0.85% gain on Friday.

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