AUD/USD remains bid in the upper end of the recent range, trading at the same time at shouting distance from monthly tops in the mid-0.6400s.
The positive performance of the Aussie dollar stays underpinned by the recent interest rate cut by the PBoC, all aimed at providing extra stimulus to the economic recovery in the aftermath of the coronavirus pandemic in the country. In fact, and anticipated by market participants, the PBoC cut the Loan Prime Rate (LPR) by 20 bps on Monday, taking it to 3.85% (from 4.05%).