U.S. Dollar Starts the Week Lower

The dollar got off to a sleepy start on Monday, in contrast to a more sprightly performance by its Australian and New Zealand peers in the wake of China’s latest stimulus injection.

The People’s Bank of China (PBOC) on Sunday cut the amount of cash that banks must hold as reserves (RRR) in the latest attempt to help spur bank lending and combat slowing growth.

The Aussie dollar briefly touched a near one-month high of $0.7844, rising from around $0.7785 late in New York on Friday. It has since stepped back to $0.7807.