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Forex News: Australian Dollar Climbs Amid China Stimulus Measures

Australian Dollar Climbs Amid China Stimulus Measures

02/17/2020 - 02:34:00 (RTTNews)

(RTTNews) - The Australian dollar moved up against its major rivals in the Asian session on Monday, as China's central bank rolled out economic stimulus to counter the fallout from the coronavirus outbreak.

The central bank cut the interest rate on its medium term loans to help ease funding conditions in Chinese money market.

The People's Bank of China injected CNY 200 billion via a one-year Medium-Term Lending Facility on Monday. The rate was lowered by 10 basis points to 3.15 percent.

The PBoC also injected CNY 100 billion through seven-day reverse repos at an interest rate of 2.4 percent.

In an article in Qiushi, the Communist Party of China's flagship magazine, Finance Minister Liu Kun wrote on Sunday that the nation would reduce corporate taxes and lessen government spending to mitigate the shock of the virus outbreak on businesses.

So far, the virus has killed over 1,700 people and infected above 70,000.

The aussie appreciated to a 5-day high of 1.0467 against the kiwi, after falling to a 4-day low of 1.0420 earlier in the session. If the aussie rises further, 1.07 is seen as its next resistance level.

The AUD/USD pair hit 0.6733, marking a 4-day high. At last week's trading close, the pair was worth 0.6712. The next likely resistance for the aussie is seen around the 0.71 mark.

The aussie neared the 74 level against the yen, touching 73.95. On the upside, immediate resistance is seen at the 76.5 level.

Final data from the Ministry of Economy, Trade and Industry showed that Japan industrial production rose at a softer pace in December, than in the initial estimate.

Industrial production rose a seasonally adjusted 1.2 percent month-on-month in December. In the initial estimate, production increased 1.3 percent.

The aussie advanced to 1.6099 against the euro, from a low of 1.6137 seen at 8:00 pm ET. The aussie is likely to target resistance around the 1.59 mark.

The aussie was up against the loonie at 0.8913. The pair had ended deals at 0.8896 on Friday.

US markets remain closed in observance of President's Day holiday.

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