China ordered commodity traders to halt imports of products such as coal, barley, copper ore and concentrate, sugar, timber, wine and lobster from Australia, Bloomberg reports, citing people familiar with the situation.
AUD / USD reaction
The Australian dollar, which fell to daily lows of 0.7027 after the RBA’s announcement to cut its rates to the historical low of 0.10% and extend its stimulus plan, continues to recover ground at this time, oblivious to the news from China.
The Bank of Australia’s Reserve Governor’s speech, assuring that rates are highly unlikely to turn negative, has lifted the spirits of the AUD bulls, leading to AUD/USD back to 0.7056, where it is neutral on the day.
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Credits: Forex Street
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