The Australian and New Zealand dollars languished near multi-week lows on Tuesday after China's move to cut several key interest rates, while the dollar was little changed as it awaited fresh impetus.

China on Monday surprised markets by cutting major short and long-term interest rates in its first such broad move since last August, signalling intent to boost growth in the world's second-largest economy.

The two Antipodean currencies, often used as liquid proxies for the Chinese yuan, were flat after slumping in the previous session in the wake of the news. The Australian dollar was trading at $0.6643 early on Tuesday and the New Zealand dollar dipped 0.01% to $0.5979.

The euro eased 0.02% to $1.0889, while sterling similarly fell 0.02% to $1.2928.

Against the yen , the dollar edged 0.14% lower to 156.79. The dollar index was flat at 104.29.

The market reaction to U.S. President Joe Biden's decision to bow out of the election race over the weekend was muted, though there was some unwinding of the so-called Trump trade, which has seen the dollar and U.S. Treasury yields ease a touch, while bitcoin's rally hit a pause.

Source : Reuters