One day after a massive financial market selloff across the globe the PBOC finally reacted to investors concerns about its slowing economy and cut its benchmark interest rate by 25bp to 4.6% lending and 1.75% deposits while cutting the reserve requirement ratio by 50 basis points. Chinese authorities also lower the stamp tax on equity transactions in hopes of encouraging more investment into stocks. As a result we have seen some retracement in JPY and Commodity currencies.

However, another retest of extreme lows or highs could not be ruled out and as such there are going to be some opportunities to get on with swing trades in next few days.
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