China Growth Target Cut Spurs Yen, Sinks Aussie

Trading Discussion News and Economy
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The Australian Dollar sank early Monday as it’s biggest trading partner China said it will lower its target for economic growth to 7.5% this year, down from 8 percent, the lowest goal since 2004.

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Chart Courtesy of thinkorswim

Meanwhile, the perceived safe haven of the the Japanese Yen strengthened against the US Dollar.

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Chart Courtesy of thinkorswim

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Yeah, coupled with the cash rate tmr, no wonder the pair is dropping like stones.

I think the interesting part is what happens next after tmr. Hur hur…