The 50bps reduction in the Chinese Reserve Requirement Ratio has failed to boost the AUD this morning with the market in risk-aversion mode and paying more attention to political risks in Greece. The AUD/USD did pop up to 1.0065 immediately on the interbank open on the RRR cut (any move which boosts investment in China is likely to boost the AUD) but has steadily drifted lower since then.
AUD/JPY has also moved back towards 80.00, with hourly technical chart support at 79.90 and 79.70.
