Australian dollar touches four-month low as the China pop fades and RBA shifts dovishly ...Middle East

The Australian dollar is at the lows of the day, down 67 pips to 0.6370.The drop erases a strong gain yesterday that came on optimism about China stimulus. However the Chinese market slumped today on pessimism that Beijing will actually deliver stronger growth. The US-listed China MCHI ETF is down 4.7% today after climbing 7% yesterday.Compounding the declines for the Australian dollar is a shift at the RBA earlier today. Rates were left unchanged but the board said it is gaining some confidence that inflationary pressures are declining. Governor Bullock said the change in wording in the statement was to acknowledge that some of the data has been softer than we expected.The next RBA decisio

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