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Editors’ Picks
AUD/USD weakens to below 0.6550 as China’s deflation concerns persist
The AUD/USD pair trades on a softer note around 0.6520 during the early Asian session on Monday. The Australian Dollar edges lower against the US Dollar as concerns about China’s deflation persist. All eyes will be on the Reserve Bank of Australia interest rate decision later on Tuesday.
USD/JPY consolidates below 147.75-147.85 hurdle
USD/JPY kicks off the new week on a subdued note and consolidates above mid-147.00s amid relatively thin trading volumes on the back of a holiday in Japan. However, the underlying risk-on sentiment, along with mixed BoJ rate hike cues, undermines the safe-haven Japanese Yen and supports the currency pair.
Gold remains capped under $3,400 ahead of US inflation data
Gold price attracts some sellers to near $3,390 during the early Asian session on Monday. The precious metal drifts lower amid a modest recovery in the US Dollar. Traders brace for the release of the US inflation report, which is due later on Tuesday.
Bank of England cuts rates in dramatic meeting
The Bank of England has cut rates by a further 25 basis points to 4% but the statement hints that officials think the easing cycle is nearing its end. Policymakers are visibly worried about a more persistent bout of inflation as the headline number is way higher than target.
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