(menafn – ecpulse)
The Asian trading session wasn't so optimistic, where most of the major Asian currencies were trading with a downside trend.
The Chinese inflation eased to the slowest pace in at least 20 months in February, which is giving the policy makers more room to stimulate the economy as investment and export growth weaken.
Stevens said that the Chinese growth slowdown from 10% to 8%, and according to some economists it’s a major crash, yet to reduce the inflation rate some slowing was necessary and to put growth on a more sustainable path.
Moving to Australia, where the RBA issued its meeting minutes and it kept the benchmark interest rate unchanged this month as the nation’s mining investment boom intensified and risks from Europe’s debt crisis eased, yet the board members noted that the inflation remained well contained, which will give the Reserve Bank of Australia the room to ease its policy.
As the RBA announced, that it is appropriate to maintain interest rates at moderate levels, yet the door is opened for further cuts in the interest rates if needed and that inflation rates are within control.
As, the local dollar rose during March to about the highest level in trade, as the so-called Aussie was at 1.0608, from 1.0600 before the minutes, also the Aussie reached 1.0637 yesterday, which is the strongest since March 9.
Additionally, the Australian dollar at 1.0604 before the issuance of the meeting minutes, and directly after the issuance, the Australian dollar moved slightly against the U.S. dollar and it currently trading around 1.060, as it reached its highest level at 1.0624 and lowest at 10592.
Moving to the Japanese currency, as the USD/JPY pair is slightly declining, as it is currently trading around 83.41, yet it recorded its highest at 83.44 and lowest at 83.40.
Moving to the NZD/USD pair, which is currently is slightly retreating, where the pair is currently trading around 0.8258 after it reached the highest at 0.8267 and lowest at 0.8246.