By Rae Wee
SINGAPORE (Reuters) – The Australian and New Zealand dollars suffered near multi-week lows on Tuesday after China’s relocation to cut numerous crucial interest rates, while the dollar was little altered as it waitedfor fresh inspiration.
China on Monday stunned markets by cutting significant brief and long-lasting interest rates in its veryfirst such broad relocation consideringthat last August, signalling intent to increase development in the world’s second-largest economy.
The 2 Antipodean currencies, frequently utilized as liquid proxies for the , were flat after dropping in the previous session in the wake of the news. The Australian dollar was trading at $0.6643 early on Tuesday and the New Zealand dollar dipped 0.01% to $0.5979.
“For the and the , they tend to be showing a more liquid and totallyfree expression in terms of the truths presently dealingwith the Chinese economy,” stated Rodrigo Catril, senior FX strategist at National Australia Bank (OTC:) (NAB).
“The alleviating coming from the PBOC theotherday is not big in terms of magnitude, however it does signal that determination for the PBOC to assistance the economy alongwith the financial side, and that mostlikely plays to the view that there will be some toleran