The AUD/NZD pair jumps to near 1.1630 during the Asian trading session on Tuesday. The pair gains sharply as the Australian Dollar (AUD) strengthens after the Reserve Bank of Australia (RBA) raises interest rates by 25 basis points (bps) to 3.85%, as expected.
Rabobank's report discusses the strengthening of the Chinese Renminbi (CNY) against the Dollar, driven by China's efforts to internationalize its currency. The report notes Xi Jinping's ambitions for the CNY to become a global reserve currency and the implications this has for the Dollar's status.
EUR/JPY trades around 183.50 on Monday at the time of writing, virtually unchanged on the day, against a backdrop of persistent weakness in the Japanese Yen (JPY) and a cautious tone on the Euro (EUR) ahead of the European Central Bank’s (ECB) monetary policy announcements.