The Australian dollar is the worst performer so far today and has given back all its post-Chinese rate cut in a slide to 0.8630.
There are some indications that more Chinese rate cuts are coming but that’s not lending any support to the Aussie. Instead, a major cut in investment intentions from BHP Billiton and a heavy options cut at 0.8600 are weighing.
There are $950 million in options running off at 0.8610 at the NY cut (10 am ET) today and nearly $3 billion more tomorrow.
