ForexLive Asia-Pacific FX news wrap: USD weakness continues

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The
USD declined further in Asia-Pacific trade on Monday amidst a light
news session.
</p><p>All
major FX is higher against the dollar, including the JPY. USD/JPY
traded higher initially, to around 150.00 before dropping a big
figure. Its just below 149.00 as I post.
</p><p>News
flow for the majors was light. From Argentina we had the news that
Javier Milei won the Presidential Election. One of his key economic
policies is to replace the peso as the local currency with the USD.
Bitcoin jumped on the news, the back-fitted (naturally) narratives I
heard to explain this was because Milei loves freedom. Or something.
</p><p>From
the People’s Bank of China today were the Loan Prime Rate (LPR)
settings. Both one- and five-year remained unchanged. The Bank also
made a significant change to the reference rate for USD/CNY, its
biggest drop since September 12 to its lowest (i.e. strongest for the
yuan) since August 11.AUD caught an extra bid from the better yuan, AUD/USD hitting a 3-month high. NZD/USD hit a 1-month high.</p>

This article was written by Eamonn Sheridan at www.forexlive.com.