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Asia Recap: AUD in demand after China's rate cut

FXStreet (Bali) - The Aussie was the best performing currency in Asia, retaining the bullish tone - together with the Kiwi - from last Friday, following an interest rate cut by China, with the rest of the G10 FX complex barely exhibiting variations in price.

It was a low key affair in Asia amid a vacant calendar, with the main theme being chatter that a more prolonged loosening cycle in China is about to start. Reuters published an article, citing a senior economist at a government think-tank involved in internal policy discussions, noting that “top leaders have changed their views toward broad-based stimulus."

AUD/USD saw a slow but gradual recovery off 0.8660 that stopped dead at the 0.87 resistance, pulling back some 10/15 odd pips. NZD/USD had a run over 10 pips above 0.79 before retracing to 0.7880. USD/JPY traded in a small range between 117.60 and 117.90 with Tokyo market closed due to holidays. EUR/USD closed a down-gap to trade at 1.2393, while GBP/USD edged towards 1.5660.

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USD/JPY to continue to trade in a range – AceTrader

The AceTrader Research Team anticipates the USD/JPY pair to trade within the 117.36-118.12 range today as Japan’s market remains closed.
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