AUD/USD retraces early Asian gains, falling back below the 0.6700 level – by Dippusen AUDUSD Fed RBA PBOC
early Asian hours, risk appetite expanded along with some high beta currencies on the back of coordinated efforts from major central banks on the liquidity crunch.
, European Central Bank , and Swiss National Bank took coordinated efforts to alleviate the liquidity crisis.has opened its swap line to supply US Dollars to some major central banks to ease any liquidity drain on the US Dollar front, as it is the world reserve currency. The Bank of Japan remains isolated from this dollar bidding program, citing no financial stress evidence yet.
On the other side, the People's Bank of China kept its benchmark rate unchanged as they had already cut the Reserve Requirement Ratio by 25 bps on Friday. The consistent easing from PBoC is widening the yield differential with others and is likely to keep capital outflows intact.
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