KSE100 34284.26  ▼ Decreased By 117.16 (-0.34%)
KSE30 14977.98  ▼ Decreased By 95.06 (-0.63%)
BR100 3516.22  ▼ Decreased By 24.41 (-0.69%)
BR30 18244.64  ▼ Decreased By 252.32 (-1.36%)

Business Recorder Logo

Jun 05, 2020 PRINT EDITION
Markets

Aussie dollar surges, Swiss franc drops after China cuts bank reserve ratios

LONDON: The Australian dollar hit the day's highs and the safe-haven Swiss franc dived against the euro after China cut

September 06, 2019

LONDON: The Australian dollar hit the day's highs and the safe-haven Swiss franc dived against the euro after China cut reserve requirements for its banks.

Appetite for risky assets, already firm in early London trading thanks to strong data out of the United States, received a further boost after China unveiled its latest round of policy easing to support a struggling economy.

The Australian dollar  - its fortunes closely intertwined with the Chinese economy - gained 0.3% to $0.6837 and strengthened 0.7% versus the Swiss franc.

The New Zealand dollar also gained 0.6% versus the U.S. dollar.

The euro extended its rally against the Swiss franc, and was last up 0.4% at 1.0919 francs per euro.