The dollar was supported on Monday in cautious trade as worries of an immediate ...
The New Zealand dollar was knocked by diving business confidence, while its Australian counterpart drifted lower as dovish expectations build ahead of a central bank meeting on Tuesday.
The reports initially sent major stock indices and the Chinese yuan slipping, but losses were pared as it became clearer that a decision on such moves was not imminent. On Saturday a U.S. Treasury official said such ideas were not being contemplated “at this time”. “Now there is a capital war angle,” he said, adding that currency market reaction was modest, because the ideas were only proposals.
Financial markets are now pricing in a better-than 70% chance of the Reserve Bank of Australia reducing the cash rate for the third time this year to 0.75% at its Oct. 1 board meeting, while most economists also expect a cut.
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