The yuan slipped toward a seven-month low on Tuesday after China cut interest rates, while the Swedish crown weakened to its lowest level since 2009 against the euro on persistent concerns about the real estate sector.
its one-year and five-year loan prime rates by 10 basis points, the first such easing in 10 months as authorities seek to shore up a slowing economic recovery.
"The market is moving towards the view that fiscal stimulus might be lukewarm and that's one of the reasons why the renminbi is staying soft." "Risk off markets, periods of low liquidity and mere momentum trading have added to SEK weakness," Kundby-Nielsen added.from the Reserve Bank of Australia's latest policy meeting showed the RBA's decision to raise interest rates in June was "finely balanced".
The euro rose 0.1% to $1.0936, supported by a still-hawkish European Central Bank after two policymakers on Mondaythe bank should err on the side of further rate increases as the inflation rate could come in even higher than the ECB expects.
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