Apart from waiting for news of stimulus in China, the upcoming Jackson Hole symposium is markets' major focus and may set the direction for U.S. yields.
at $0.5913 were slightly lower and uncomfortably close to last week's nine-month lows after a rate cut in China disappointed market expectations.
China cut its one-year benchmark lending rate by 10 basis points and left its five-year rate unchanged, againstslid to the weak side of 7.3 per dollar despite a firm fixing of its trading range by the central bank. It last traded at 7.3011, though so far keeping off last week's lows beyond 7.31, as that had broughtThe Antipodean currencies often function as a liquid proxy for the yuan owing to the region's exports to China.
"The Australian dollar will continue to underperform this week in our view," said strategists at the Commonwealth Bank of Australia in a note to clients. "We consider there is a growing risk that the Aussie dips below $0.60 before year-end. It will likely take a big Chinese stimulus package focused on commodity-intensive infrastructure spending to turn around the downtrend."is also on intervention-watch, having fallen to levels around which authorities stepped in last year. It was steady at 145.19 per dollar in early trade.
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